FRC issues October consultations
News types: Consultation Announcement
Published: 1 October 2025
The Financial Reporting Council (FRC) has today issued four consultations as part of its scheduled October release, seeking stakeholder input on updates to its Audit Enforcement Procedure, revisions to audit and audit reporting standards, and a proposal to maintain FRS 101 with no changes following the standard’s annual review.
End-to-end enforcement process review
As part of a comprehensive end-to-end review of the FRC’s enforcement processes, the FRC has launched a public consultation proposing updates to its Audit Enforcement Procedure (AEP). The FRC seeks views from across its stakeholder community on the changes designed to provide more targeted and timely regulatory responses.
The proposals introduce three new routes to resolution, all designed to deliver more proportionate outcomes while maintaining the robustness of the current regime.
The consultation on the enhanced enforcement procedures will run until Friday 9 January 2026.
Read the consultation document.
Read more about the consultation.
Richard Moriarty, CEO, joined Kate O’Neill, Director of Stakeholder Engagement and Corporate Affairs to discuss the aims of the consultation for the latest ‘In Conversation’ podcast episode.
Registrations are open for the FRC’s webinar on Wednesday 8 October focusing on the consultation’s proposals. Attendees will hear from Kate O’Neill, Elizabeth Barrett, Executive Director of Enforcement, and Anthony Barrett, Director of Audit Quality Review.
ISA (UK) 240 and 570
The Financial Reporting Council (FRC) has today launched a consultation on proposed revisions to two key auditing standards, dealing with the auditor’s responsibilities relating to fraud and going concern:
- ISA (UK) 240 (Revised) The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
- ISA (UK) 570 (Revised) Going Concern
The FRC is updating these standards to align with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB).
Read more about the FRC's consultation to revise ISA (UK) 240 and 570.
ISA 700 series
The Financial Reporting Council (FRC) has today launched a consultation 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).
Read more about the FRC's consultation to revise ISA (UK) 700, 701 and 720.
Read the consultation document for ISA (UK) 700, 701 and 720.
FRED 88
The Financial Reporting Council (FRC) has today issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle.
As part of its annual review of FRS 101 ‘Reduced Disclosure Framework’, the FRC has reviewed amendments to IFRS Accounting Standards to assess whether any exemptions or consequential amendments are required as result of changes to IFRS Accounting Standards. While two relevant amendments have been issued by the International Accounting Standards Board (IASB) during this review cycle, the FRC has concluded that existing exemptions in FRS 101 ‘Reduced Disclosure Framework’ remain appropriate to address these changes.