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Auditing standards

The standards below are effective for audits of financial statements for periods ending on or after 15 December 2010.

Auditing standards for audits of financial statements include objectives for the auditor, together with requirements and related application and other explanatory material.
 
The International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) and International Standard on Quality Control (UK and Ireland) (ISQC (UK and Ireland)) are based on the International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) of the same titles that have been issued by the International Auditing and Assurance Standards Board (IAASB), published by the International Federation of Accountants (IFAC) in 2009, and are used with the permission of IFAC.
 
ISA 700, “Forming an Opinion and Reporting on Financial Statements,” as issued by the IAASB has not been adopted.  The applicable standard issued by the FRC is ISA (UK and Ireland) 700, “The Auditor’s Report on Financial Statements” which addresses the requirements of company law and also provides for a more concise auditor’s report.  The main effect of this is that the form of UK and Ireland auditor’s reports may not be exactly aligned with the precise format of auditor’s reports required by ISA 700 issued by the IAASB.  However, ISA (UK and Ireland) 700 has been designed to ensure that compliance with it will not preclude the auditor from being able to assert compliance with the ISAs issued by the IAASB
 
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Auditing standards that apply to earlier periods can be found at Superseded Standards

Summary of changes in the new ISAs (UK and Ireland)
October 2009

Glossary of terms 2010
October 2010

ISQC (UK and Ireland) 1
October 2009

200 Overall objectives of the independent auditor and the conduct of an audit in accordance with International Standards on Auditing (UK and Ireland)
October 2009

210 Agreeing the terms of audit engagements
October 2009

220 Quality control for an audit of financial statements
October 2009

230 Audit Documentation
October 2009

240 The auditor's responsibilities relating to fraud in an audit of financial statements
October 2009

250A Consideration of laws and regulations in an audit of financial statements
October 2009

250B The auditor's right and duty to report to regulators in the financial sector
October 2009

260 (Revised October 2012) Communication with those charged with governance
October 2012

265 Communicating deficiencies in internal control to those charged with governance and management
October 2009

300 Planning an audit of financial statements
October 2009

315 Identifying and assessing risks of material misstatement through understanding the entity and its environment
June 2013

320 Materiality in planning and performing an audit
October 2009

330 The auditor's responses to assessed risks
October 2009

402 Audit considerations relating to an entity using a service organisation
October 2009

450 Evaluation of misstatements identified during the audit
October 2009

500 Audit evidence
October 2009

501 Audit evidence - specific considerations for selected items
October 2009

505 External confirmations
October 2009

510 Initial audit engagements - opening balances
October 2009

520 Analytical procedures
October 2009

530 Audit sampling
October 2009

540 Auditing, accounting estimates, including fair value accounting estimates, and related disclosures
September 2009

550 Related parties
October 2009

560 Subsequent events
October 2009

570 Going concern
October 2009

580 Written representations
October 2009

600 Special considerations - audits of group financial statements (including the work of component auditors)
February 2012

610 Using the work of internal auditors
June 2013


620 Using the work of an auditor's expert
October 2009

700 (Revised June 2013) The independent auditor's report on financial statements
June 2013


The FRC has issued clarification statements relating to ISA (UK and Ireland) 700 (Revised June 2013) on the following topics.

Date of issue Paragraph of ISA (UK and Ireland) 700 Issue
27 November 2013 19A Application of paragraph 19A to auditor's reports of group and parent company


705 (Revised October 2012) Modifications to opinions in the independent auditor's report
October 2012

706 (Revised October 2012) Emphasis of matter paragraphs and other matter paragraphs in the independent auditor's report
October 2012

710 Comparative information - corresponding figures and comparative financial statements
October 2009

720A (Revised October 2012) The auditor's responsibilities relating to other information in documents containing audited financial statements
October 2012

720B The auditor's statutory reporting responsibility in relation to directors' reports
October 2009

Hard copies are available in our compendium Standards and Guidance and ordered at www.frcpublications.com.
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