- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-23T18:02:00
The U.K. Financial Reporting Council (FRC) is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
The FRC announced it launched a consultation on amendments to Sections A and B of its ISA (UK) 250 standard. The regulator is proposing the changes to “enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor,” it said in a press release Wednesday.
The proposals are similar in goal to those put forward by the Public Company Accounting Oversight Board in June. The U.S. regulator has also made clear its desire to see auditors enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
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