Tuesday, 4 June 2013

UK: FRC publishes revised auditing standard 'The independent auditor's report on financial statements'

The Financial Reporting Council has published a revised edition of International Standard on Auditing (UK and Ireland) 700 - The independent auditor's report on financial statements: see here (pdf). The revisions apply to the audits of companies subject to the UK Corporate Governance Code and require greater disclosure in respect of the risks of material misstatement, the application of materiality and the scope of the audit. A feedback statement in respect of the revisions is available here (pdf). An illustrative example of an auditor's report reflecting the requirements of the revised standard has also been published: see here (pdf).

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