As auditors approach year end audit deadlines, it is important to note that two significant auditing standards are changing:

• ISA (UK) 315 (Revised July 2020) Identifying and Assessing the Risks of Material Misstatement; and

• ISA (UK) 240 (Revised May 2021) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.

There are also two new Quality Standards:

• ISQM (UK) 1 Quality management for firms that perform audits or reviews of financial statements, or other assurance or related services engagements (July 2021) (Previously International Standard on Quality Control (UK) 1) (Revised June 2016)); and