The UK Financial Reporting Council (FRC) has opened a public 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
These proposed revisions aim to simplify the auditor’s report, encourage the inclusion of more relevant information and discourage boilerplate disclosures. In addition, amendments have been proposed to further align the three standards with recent revisions to the IAASB standards.
The consultation is open until 16 January. The FRC will host a webinar on 11 November to outline the proposed changes.
