Broadening the focus
Reporting on financial information in accordance with two new ISAs will not be confined to Solvency II reporting, explains Geoff Swales.
In October 2016, the Financial Reporting Council (FRC) published two new UK auditing standards: ISA (UK) 800 (Revised) Special Considerations – Audits of Financial Statements prepared in accordance with Special Purpose Frameworks and ISA (UK) 805 (Revised) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
The impetus for issuing these standards was the Prudential Regulation Authority’s audit requirement for Solvency II financial information, as the financial reporting framework adopted meant that such financial information was outside the scope of the existing standards, which are designed for a full set of general purpose financial statements.
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