The UK’s audit regulator has revised an auditing and an assurance standard, both relating to ethics. The Financial Reporting Council (FRC) said that the changes ensure that UK standards remain aligned with standards issued by the International Auditing and Assurance Standards Board (IAASB).
The changes track the evolution of the International Code of Ethics for Professional Accountants (IESBA Code) produced by the International Ethics Standards Board for Accountants. This introduced explicit ethical requirements governing how auditors use external consultants’ work in their audit, assurance and non-assurance engagements.
