Auditing - UK and Ireland
On this page you will find information on the providers of auditing standards in the UK and Ireland.
Providers of the Standards
Financial Reporting Council (FRC)
In the UK, the FRC is the independent regulator responsible for promoting high quality corporate governance and reporting. The FRC monitors and enforces auditing standards within the UK.
It also oversees the regulatory activities of the professional accountancy bodies, and operates independent disciplinary arrangements for public interest cases involving accountants.
The FRC Board is supported by three committees, which:
i) advise the Board on technical matters, through the Auditing & assurance Council and Actuarial Council
ii) oversee its monitoring and disciplinary functions, through the Monitoring Committee and the Case Management Committee
iii) advise the Board on strategic issues.
Access more information concerning the FRC, including FRC publications.
Codes and Standards Committee
The Codes and Standards Committee advises the FRC Board concerning the UK framework of codes and standards covering accounting, auditing and assurance, and corporate governance. It also advises the Board on its research projects, influencing developments in the wider regulatory environment, the Board's Annual Plan, and appointments to (and oversight of) the three Councils. The Board may delegate matters to the Codes and Standards Committee, including some relating to international issues.
The Codes and Standards Committee is advised by three Councils, namely the auditing and assurance Council, the Accounting Council and the Actuarial Council. The Board member chairing each Council is responsible for submitting the Council's advice to the Board, and all such advice must be put to the Board in full.
The responsibilities of the Conduct Committee include overseeing:
- the monitoring of the Recognised Supervisory Bodies and the Recognised Qualifying Bodies (performed by the Professional Oversight Team)
- audit quality reviews (performed by the Audit Quality Review Team)
- corporate reporting reviews (performed by the Corporate Reporting Review Team)
- professional discipline
- oversight of the regulation of accountants and actuaries.
The Conduct Committee is supported by two sub-committees, namely the Monitoring Committee and the Case Management Committee (which advises on the handling of disciplinary cases).
Further information on the FRC, including publications
About the FRC
Ethical Standards for Auditors
Scope of audit
Standards for Investment Reporting
Other standards and guidance
Superseded standards and guidance
Promoting audit quality
Audit Firm Governance Code
Irish Auditing and Accounting Supervisory Authority (IAASA)
In Ireland, IAASA is the independent body responsible for oversight of the regulatory functions of the Recognised Accountancy Bodies in relation to statutory auditors.
IAASA has adopted the Auditing Framework for Ireland, consisting of the Ethical Standards for Auditors (Ireland) 2017, International Standards on Auditing (Ireland) (ISA (Ireland)) comprising 35 separate standards, and International Standard on Quality Control (Ireland) (ISQC (Ireland)) 1 2018. These standards, which are based on the ISAs (UK & Ireland), as amended, are issued under licence from the FRC in the UK.
The Auditing Framework for Ireland applies to the audits of financial periods beginning on or after 17 June 2016, for which audit opinions are signed after 1 February 2017. Individuals and audit firms that are approved to carry out statutory audits in Ireland are required to conduct Irish statutory audits in accordance with these standards.
Further information on IAASA, including publications and the Auditing Framework for Ireland: