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FRC: Revisions to International Standards on Auditing in the UK

The Financial Reporting Council (FRC) yesterday issued a revision of ISA (UK) 250 Section A – Consideration of laws and regulations in an audit of financial statements (PDF), which includes a new Appendix providing revised guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK.

The Appendix was revised following consultation with HM Treasury, HM Revenue and Customs and the National Crime Agency. The new ISA (UK) is effective for audits of financial statements for periods commencing on or after 15 December 2017.

This Appendix supersedes the guidance included in Practice Note 12 Money Laundering––Guidance For Auditors On UK Legislation and consequently this Practice Note is withdrawn. By incorporating the guidance as an Appendix to ISA (UK) 250 (Revised December 2017), the FRC aims to make all relevant material to support auditors available in one place.

Feedback statement and impact assessment - Revisions to: Money Laundering: Guidance for UK auditors on UK legislation (formerly Practice Note 12), now incorporated as an appendix to ISA (UK) 250 (Revised December 2017) Section A - Consideration of laws and regulations in an audit of financial statements (PDF)

Withdrawn guidance

PN 12 (Revised) Money laundering - Guidance for auditors on UK legislation (September 2010) (PDF)

Original article link: https://www.frc.org.uk/news/december-2017/revisions-to-international-standards-on-auditing

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