ICAS has raised concerns about the implementation date for any proposed changes arising from the recent Financial Reporting Council (FRC) consultation on revisions to the auditor's report.

The FRC proposals, laid out in Consultation Paper: Revision to ISA (UK and Ireland) 700 are designed to address criticism from users and investors that the current auditor's report is uninformative and suggest that more details should be provided by the auditor on: the risks of material misstatement; the application of materiality and a summary of the audit scope.

In its response to the consultation, which closed on 30 April 2013, ICAS said that while it welcomed 'the direction of travel' , it questioned the proposed timing of the FRC proposals, which suggest an implementation date of periods commencing on or after 1 October 2012.

Anne Adrain, ICAS assistant director, assurance described the timescale as 'ambitious' and said: 'With the International Auditing and Assurance Standards Board (IAASB) expected to issue an Exposure Draft for consultation on auditor reporting this summer, we would prefer that the FRC's proposals are delayed until further details on the content and requirements of the IAASB's Exposure Draft are known.'

As well as co-ordinating with IAASB's plans, Adrain said ICAS wanted the FRC to consider extending the auditor's responsibilities to the provision of greater assurance resulting in a positive opinion on the narrative content of the annual report.