The proposed revisions focus on the auditor’s responsibilities relating to fraud and going concern, and affect ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and ISA 570 Going Concern.

‘These changes respond directly to stakeholder expectations for more rigorous oversight and clearer reporting about company viability and fraud risks,’ the FRC said, stressing that it ‘anticipates minimal additional work for auditors beyond what may be required by the international standard revisions themselves’.

Both revised standards will take effect for audits of financial statements for periods beginning on or after 15 December 2026.