The FRC has issued a single document on the ISA changes, entitled Extracts from International Standards on Auditing (UK and Ireland) 260, 570 and 700 (Revised September 2014), which presents the revised paragraphs from ISAs 260, 570 and 700.
The revisions are effective for audits of financial statements for periods commencing on or after 1 October 2014.
The FRC has also issued revised individual standards and new guidance that 'revises, integrates and replaces the current editions of the Financial Reporting Council’s "Internal Control: Revised Guidance for Directors on the Combined Code" and 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies:, and reflects changes made to the UK Corporate Governance Code.'
These changes impact primarily on businesses that are required to apply, or voluntarily apply, the code.
The revised standards and guidance are:
- ISA (UK and Ireland) 700: The independent Auditor’s Report on Financial Statements;
- ISA (UK and Ireland) 570: Going Concern;
- ISA (UK and Ireland) 260: Communication with Those Charged with Governance;
- Guidance on Risk Management, Internal Control and Related Financial and Business Reporting; and
- Guidance for Directors of Banks on Solvency and Liquidity Risk Management and the Going Concern Basis of Accounting.
Details can be found on the FRC website
The FRC has also indicated that it is considering a review of board succession planning as part of the next update to the Code in 2016.