ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting, ethics and sustainability.
Audit and assurance
Non-Big Four firms continue to build presence in PIE audit market according to FRC
4 December 2025
The Financial Reporting Council (FRC) has published its annual Audit Market and Competition Update which shows that firms outside of the Big Four have increased their share of the PIE audit market from 22% at the start of the decade up to 40%.
FRC makes minor amendments to two Auditor Sanctions Procedures
27 November 2025The amendments, which will be made by the Financial Reporting Council (FRC), are to the Auditor Regulatory Sanctions Procedure (ARSP) and the Crown Dependences’ Recognised Auditor Sanctions Procedure (CD RASP). Read more details about the amendments here.
IPSASB issues updated IPSAS standard to ease first-time adoption
21 November 2025
The International Public Sector Accounting Standards Board (IPSASB) has updated IPSAS 33 First-time Adoption of Accrual Basis International Public Sector Accounting Standards. The standard provides transitional reliefs to reduce burden and ease the transition to accrual-based IPSAS Standards.
PCAOB reaches Statement of Protocol with Lithuanian Audit Regulator
19 November 2025
The Public Company Accounting Oversight Board (PCAOB) has announced that it has entered into a bilateral agreement with the Lithuanian Audit Authority. The agreement allows for cooperation between the two organisations for the oversight of auditors that practice in the regulators’ respective jurisdictions.
FRC sets out key findings and good practice from audit inspections
20 October 2025
The Financial Reporting Council (FRC) has published its key findings and good practice from the 2023/4 and 2024/5 inspections of the audits of the twelve largest firms.
FRC launches consultation on proposed updates to its Audit Enforcement Procedures
1 October 2025
Key among these amendments, proposed by the Financial Reporting Council (FRC), is the introduction of three new routes to resolution when addressing potential breaches of auditing and ethical standards. The consultation period closes on 9 January 2026.
FRC seeks comment on proposed revisions to three auditor reporting standards
1 October 2025
The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 700 Forming an opinion and reporting on Financial Statements, ISA (UK) 701 Communicating Key Audit Matters in the Independent Auditor’s report, and ISA (UK) 720 The Auditor’s Responsibilities Relating to Other Information. Objectives include decluttering the audit report, discouraging boilerplate disclosures, and encouraging the inclusion of more relevant information. Comment is welcome until 16 January.
FRC launches consultation on UK fraud and going concern standards
1 October 2025
The Financial Reporting Council (FRC) is consulting on proposed revisions to ISA (UK) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and ISA (UK) 570 Going Concern. The proposals are intended to align the UK standards with their international counterparts which have been recently revised. Comment is welcome until 16 January.
PCAOB releases guidance to support auditors in application of Audit Evidence Standard
1 October 2025
The Public Company Accounting Oversight Board (PCAOB) has published staff guidance providing illustrative examples to assist audit firms implement paragraph .10A of AS 1105 Audit Evidence.
Financial reporting
FRC publishes first reporting insights of the Wates Corporate Governance Principles
3 December 2025
The Financial Reporting Council (FRC), which assumed oversight of the Wates Principles for Large Private Companies earlier this year, has highlighted reporting trends alongside examples of positive disclosures from companies of varying sizes and complexity.
IASB proposes new accounting model
3 December 2025
The model proposed by the International Accounting Standards Board (IASB), aims to better reflect how financial institutions manage interest rate risk in practice. The consultation is open for comment until 31 July 2026.
IASB issues illustrative examples on reporting uncertainties
28 November 2025
The illustrative examples, issued by the International Accounting Standards Board (IASB), use climate-related scenarios but can be applied to all uncertainties. They are intended to demonstrate how companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements.
FRC publishes 2026 UK Taxonomy Suite
19 November 2025
The Financial Reporting Council (FRC) has published the 2026 UK Taxonomy Suite which incorporates changes to the FRC Taxonomy Suite, Charities Taxonomy, and Irish Taxonomy. More detail can be found here.
FRC thematic review helps smaller listed companies improve corporate reporting
19 November 2025
The review by the Financial Reporting Council (FRC) examines annual reports from companies listed outside the FTSE 350 and offers practical insights to help such companies improve the quality of their corporate reporting, including in the areas of revenue recognition, cash flow statements, and financial instruments.
FRC publishes Annual Review of Corporate Governance Reporting
13 November 2025
The Financial Reporting Council (FRC) has released its Annual Review highlighting reporting trends among 100 UK-listed companies against the UK Corporate Governance Code. The report shows that departures from the Code are increasingly being explained in a clear, meaningful and context-specific way.
IASB amends standard relating to the effects of changes in FX rates
13 November 2025
The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates. These amendments, effective from 2027, aim to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.
FRC report assists Stewardship Code signatories in preparing to apply the updated Code
11 November 2025
The report, published by the Financial Reporting Council, provides practical examples of effective reporting to help UK Stewardship Code signatories transition to the updated Code’s new streamlined reporting structure. The updated Code takes effect from 1 January 2026.
FRC issues discussion paper on proposed changes to the UK digital reporting taxonomies
7 November 2025
The Financial Reporting Council (FRC) is inviting feedback on proposed technical changes to the UK XBRL Taxonomy Suite. These changes, outlined in a discussion paper, propose to improve the usability, scalability and technical integrity of Taxonomies. Responses to the paper are welcome until 11 January 2026.
IFRS Foundation to offer enhanced way to access standards
6 November 2025
Enhanced digital publications or ‘’ePubs’’ will soon be launched by the IFRS Foundation, eventually replacing both PDF publications and bound versions. Benefits to users include powerful search functionality, mobile-optimised viewing, and a reduction in paper consumption and carbon emissions.
FRC updates guidance on non-executive director remuneration
5 November 2025
The updated guidance, published by the Financial Reporting Council (FRC), is intended to accompany the UK Corporate Governance Code 2024 and provides clarity on how companies can structure non-executive director remuneration.
FRC publishes guidance to UK Stewardship Code 2026
30 October 2025
The Financial Reporting Council (FRC) has issued guidance to support the application of the updated UK Stewardship Code. The guidance includes suggestions for the types of information organisations may wish to include in their reporting to help explain their approach to stewardship.
Global Accountancy and Legal Professions join forces to fight money laundering
28 October 2025
The International Federation of Accountants (IFAC) and International Bar Association (IBA) have launched a new initiative to support legal and accountancy professional bodies in the fight against money laundering.
IPSASB amends standards to conform its definition of material
27 October 2025
The amendments, issued by the International Public Sector Accounting Standards Board (IPSASB), align the definition of material in IPSAS 1 Presentation of Financial Statements with Chapter 3 of the Conceptual Framework on Qualitative Characteristics. Find out more here.
FRC shares insights into corporate reporting
21 October 2025
Addressing UK company reporting in respect of investment companies and share-based payment arrangements, the two thematic reviews issued by the Financial Reporting Council (FRC) highlight the importance of clarity and consistency in financial reporting, especially where judgment and complex valuation models are involved.
IFAC unveils principles to broaden access to the accountancy profession
20 October 2025
The International Federation of Accountants (IFAC) has launched Opening Doors: Six Principles of Best Practice to Increase Access to Accountancy Qualifications. These are intended to help members and accountancy organisations attract talent from diverse backgrounds, remove unnecessary barriers, and adapt qualification pathways.
IPSASB seeks feedback on future work program
16 October 2025
Following its consultation on its 2024-2028 strategy, the International Public Sector Accounting Standards Board (IPSASB) is seeking to understand stakeholders’ greatest needs in relation to individual financial reporting projects, post implementation reviews and sustainability reporting projects. The consultation period closes on 4 May 2026.
FRC unveils Key Facts and Trends in the Accountancy Profession 2025
15 October 2025
The Financial Reporting Council (FRC) has released its 2025 edition of its Key Facts and Trends report, which shows continued growth in the accountancy profession and an ongoing trend of consolidation in the audit market.
FRC proposes no changes to FRS 101 as part of review cycle
1 October 2025
Following its 2025/26 review cycle, the Financial Reporting Council (FRC) has issued an Exposure Draft proposing no changes to FRS 101 ‘Reduced Disclosure Framework’. It was concluded that existing exemptions in the standard remain appropriate to address amendments issued by the International Accounting Standards Board (IASB) to IFRS Accounting Standards.
Sustainability
IAASB releases illustrative reports to support implementation of ISSA 5000
24 November 2025
The new illustrative practitioner’s assurance reports, published by the International Auditing and Assurance Standards Board (IAASB), provides specific examples to help practitioners apply the International Standard on Sustainability Assurance (ISSA) 5000 in real-world scenarios.
FRC issues UK standard on sustainability assurance
12 November 2025
The Financial Reporting Council (FRC) has issued International Standard on Sustainability Assurance (UK) 5000, the UK version of the global benchmark standard developed by the International Auditing and Assurance Standards Board (IAASB). The Standard is intended for voluntary use by UK assurance providers and is effective for periods beginning on or after 15 December 2026.
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