Audit Standards Amendment - Amendments to ISA 250 section A and B - revision of auditing standards to enhance useability and informativeness of the audit
ACCA welcomes the opportunity to comment on the proposals issued by the FRC. We support the enhancement of the auditor requirements aimed at detecting and reporting material misstatements resulting from non-compliance with laws and regulations. Updating the standard in this way will undoubtedly enhance the quality of audit processes, offering users greater assurance that potential material misstatements have been thoroughly assessed and leading to increased stakeholder confidence in the quality of audits carried out. We also commend the transition to a risk-based approach, allowing auditors to focus on laws and regulations that are most likely to have a material impact on the financial statements.