Proposed Revisions to ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720
Published: 1 October 2025
Response deadline: 16 January 2026
| Title | Enhancing Auditor's Reports: Proposed Revisions to the UK Auditor Reporting Standards |
|---|---|
| Format | pdf, 275.9 KB |
The FRC is consulting on proposed revisions to three auditor reporting standards:
- ISA (UK) 700 Forming and opinion and reporting on Financial Statements
- ISA (UK) 701 Communicating Key Audit Matters in the Independent Auditor’s report
- ISA (UK) 720 The Auditor's Responsibilities Relating to Other Information
The FRC is updating these standards to simplify and declutter the auditor’s report, discourage boilerplate disclosures, and encourage the inclusion of more relevant information to support investor decision-making. Alongside these proposals, further amendments are being made to align these standards with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB).
These changes respond directly to stakeholder expectations for auditor reporting to be more concise and more informative. The changes remove requirements for auditors to report on certain matters within their reports, while at the same time encouraging them to provide richer and more relevant information on judgements associated with these audits. These changes will enhance the transparency of information to investors and thereby support the effective functioning of capital markets.
The FRC anticipates that the impact on auditor work effort will be minimal, since the proposed changes encourage auditors to report on the work performed during their audit. There are no additional requirhttps://www.frc.org.uk/admin/pages/4819/ements for auditors to perform additional audit work. The proposed changes also simplify and clarify certain reporting requirements for auditors, and in some cases remove them all together.
These additional UK requirements are supported with guidance to assist auditors in their application as well as the distinctive legal and regulatory context here. At the same time, these new standards are equivalent to international auditing standards, helping preserve the UK’s position in global financial markets.
The consultation runs until Friday 16 January 2026.
| Name | Proposed ISA (UK) 700 |
|---|---|
| Publication date | 1 October 2025 |
| Type | Consultation paper |
| Format | PDF, 793.9 KB |
| Name | Proposed ISA (UK) 701 |
| Publication date | 1 October 2025 |
| Type | Consultation paper |
| Format | PDF, 702.7 KB |
| Name | Proposed ISA (UK) 720 |
| Publication date | 1 October 2025 |
| Type | Consultation paper |
| Format | PDF, 662.9 KB |
| Name | The revised statement of auditor's responsibilities |
| Publication date | 1 October 2025 |
| Type | Consultation paper |
| Format | PDF, 192.0 KB |