The Financial Reporting Council has published a Staff Guidance Note to assist audit firms choosing to adopt revised ISA (UK) 700 early, ahead of its mandatory effective date in December 2026.
Guidance to Assist Early Adopters
On 13 October 2026, the Financial Reporting Council released a Staff Guidance Note designed to support audit firms intending to implement revised ISA (UK) 700 before it formally takes effect on 15 December 2026.
Following engagement with audit firms that expressed an appetite to simplify auditor reporting ahead of the deadline, the regulator published the guidance to help firms address practical issues during early adoption. An interim statement of auditor's responsibilities was also published on the regulator's website alongside the guidance.
Objectives of the Revised Reporting Standards
The FRC published revised ISA (UK) 700, titled Forming an Opinion and Reporting on Financial Statements, in June 2026 after conducting a public consultation in autumn 2025.
Together with updates to ISA (UK) 701 and ISA (UK) 720, the revised standard aims to simplify and declutter auditor reports, reduce boilerplate language, and increase the volume of concise, relevant information available to report readers.
Fonti
Primary reference materials
- revised ISA (UK) 700 Forming an Opinion and Reporting on Financial Statements
- Staff Guidance Note: The impact of early adoption of ISA (UK) 700 (Revised September 2026) on auditor’s reports (pdf)
- Auditor's Statement of Responsibilities where ISA (UK) 700 (Revised May 2026) has been early adopted (pdf)
