FRC publishes compendium of Audit and Assurance Standards and Guidance 2015

4 Mar 2015 02:00 PM

The FRC has published its compendium of Audit and Assurance Standards and Guidance 2015. This may be obtained (price £65.00) from: 

FRC Publications
Tel: 0845 370 1234
Email: customer.services@lexisnexis.co.uk
Or order online at: www.frcpublications.com 

The compendium includes the FRC’s audit and assurance standards in issue at 1 February 2015, including:

• International Standards on Auditing (ISAs) (UK and Ireland);
• International Standard on Quality Control (ISQC) (UK and Ireland) 1;
• International Standard on Review Engagements (ISRE) (UK and Ireland) 2410;
• Standards for Investment Reporting (SIRs);
• Ethical Standards for Auditors;
• Ethical Standard for Reporting Accountants.

It also includes selected Practice Notes and Bulletins likely to be of broad current interest.

The compendium includes the revised ISAs (UK and Ireland) that were issued in 2014:
 
260      Communication With Those Charged With Governance
570      Going Concern
700      The Independent Auditor’s Report on Financial Statements
 
These revised standards are effective for audits of financial statements for periods commencing on or after 1 October 2014. The previous versions of the standards are available from the publications section of the FRC website

The compendium also includes Bulletin 4, Recent Developments in Company Law, The Listing Rules and Auditing Standards that affect United Kingdom Auditor’s Reports, which was issued in April 2014.

Some minor editorial corrections have been made in the following standards:

ISQC (UJK and Ireland) 1:

• Paragraph 12(o) – In the definition of ‘professional standards’, the references to the IAASB’s Preface to its standards and to the FRC Statement on the scope and authority of its pronouncements have been corrected to reflect their current titles (the corresponding definition in the Glossary of Terms has also been corrected).

ISA (UK and Ireland) 260:

• Paragraph 16-1(f) – the word ‘about’ has been inserted at the start so that this subparagraph flows from the lead in;
• Appendix 1 – a reference to ‘ISA (UK and Ireland) 610 (Revised June 2013), ‘‘Using the Work of Internal Auditors’’ paragraphs 20 and 31’ has been included in the summary list of other standards that refer to communication with those charged with governance.

ISA (UK and Ireland) 700

• Paragraph A13A – the cross reference to paragraph 16A(a) has been corrected to paragraph 19A(a).

The above corrections have also been made in the standalone versions of the standards on the FRC’s website.

The Glossary of Terms has also been updated to include the definition of ‘direct assistance’ from ISA (UK and Ireland) 610.