FRC Publishes Final Revisions to UK Auditing Standards on Fraud and Going Concern
News types: Publications
Published: 30 April 2026
The Financial Reporting Council (FRC) has today published the final revisions to two key UK auditing standards addressing auditors’ responsibilities in relation to fraud and going concern.
The revised standards are:
- ISA (UK) 240 (Revised March 2026) – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- ISA (UK) 570 (Revised March 2026) – Going Concern
These revisions follow a public consultation and align UK requirements with recent changes made by the International Audit and Assurance Standards Board (IAASB) to the equivalent international standards. Maintaining alignment with international standards is essential to preserving equivalence between UK and international auditing frameworks and supporting confidence in the UK’s capital markets.
The revisions to ISA 240 strengthen and clarify auditors’ responsibilities in relation to fraud, including enhanced risk assessment procedures and greater transparency in audit reporting, particularly for audits of publicly traded entities. The updates to ISA 570 reinforce how auditors assess and report on an entity’s ability to continue as a going concern, reflecting lessons learned from recent corporate failures and responding to heightened stakeholder expectations.
As the UK standards were updated in advance of the international revisions, most of the enhanced requirements were already reflected in existing UK practice. As a result, the FRC anticipates that the final revisions will result in minimal additional work for auditors beyond that required by the international standards themselves.
The revised standards will be effective for audits of financial statements for periods beginning on or after 15 December 2026, allowing sufficient time for firms to prepare for implementation.
The FRC is grateful to all respondents who contributed to the consultation and helped shape the final standards.