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The Financial Reporting Council (FRC) has published conforming amendments to the suite of International Standards on Auditing (ISAs UK).
The changes align the UK standards with recent revisions to several auditing requirements, including ISQM (UK) 1 on quality control, ISQM (UK) 2 on engagement quality reviews, ISA (UK) 220 on quality management, and ISA (UK) 600 on group audits.
The conforming amendments to ISQM (UK) 1, ISQM (UK) 2 and ISA (UK) 220 were subject to public consultation in 2021 and took effect from 15 December 2022.
Changes to ISA (UK) 600 followed a 2022 consultation and became effective from 15 December 2023.
The FRC board has approved all amendments.
The news comes after The Financial Reporting Council (FRC) announced the launch of the Scalebox Programme, a new scheme to help small audit firms build capacity and expand their role in the UK Public Interest Entity (PIE) market.
The regulator said the Scalebox Programme would provide firms with tailored support to improve audit quality and strengthen systems of quality management.
The FRC also stated that the initiative would also help it assess how best to apply proportionate oversight to less complex PIE audits.
