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The Financial Reporting Council’s Ethical Standard for Auditors deals with integrity, objectivity and independence for all audits and other assurance engagements.  The FRC has now issued its latest updated version of the standard, which will be effective for audits of accounting periods commencing on or after 15 December 2024.  The revisions are intended to enhance and clarify the principles of integrity, objectivity and independence which auditors must abide by.  They also take account of changes to the Code of Ethics issued by the International Ethics Standards Board for Accountants.  This session will describe the changes, consider their practical impact for auditors, and outline the action needing to be taken.

Edward Rands will cover the following topics during this session: 

• Background to the changes – why has the FRC considered them necessary?
• Anticipated change, but not yet!  Likely removal of the “Other Entity of Public Interest” category;
• Strengthened breach reporting requirements;
• Clarified application of prohibitions to different categories of entity; and
• Tightened restrictions on the provision of non-audit services.

By attending this session, you will gain an understanding of the revisions which have been made to the FRC Ethical Standard, when they will take effect and the action you need to take to make sure you comply.

This session will be of particular interest to Auditors (and those involved in providing non-audit services to audit clients).

Course Level: Need to Know