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FRC revises audit standards to meet latest ISA (UK) 540

The Financial Reporting Council (FRC) has updated eight audit standards to reflect ISA (UK) 540 (Revised) – Auditing Accounting Estimates and Related Disclosures, focusing on auditor liability, fraud, going concern, joint audit and management challenge.

FRC revises audit standards to meet latest ISA (UK) 540
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FRC revises audit standards
  • Shared by Accountancy Daily
  • January 17, 2020
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The overhaul of ISA 540 has resulted in significant changes, which impact a number of individual audit standards introducing a stronger focus on auditor liability and responsibility, identification of fraud, reporting on going concern and risk factors, and an emphasis on auditor scepticism and management challenge, particularly when auditors feel that the board is not being fully informed about potential issues.

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