Course Details

The Financial Reporting Council’s Ethical Standard for Auditors deals with integrity, objectivity and independence for all audits and other assurance engagements.  The FRC has now issued its latest updated version of the standard, which will be effective for audits of accounting periods commencing on or after 15 December 2024.  The revisions are intended to enhance and clarify the principles of integrity, objectivity and independence which auditors must abide by.  They also take account of changes to the Code of Ethics issued by the International Ethics Standards Board for Accountants.  This course describes the changes, consider their practical impact for auditors, and outline the action needing to be taken.

 

Edward Rands covers the following topics during this course: 

  • Background to the changes – why has the FRC considered them necessary?
  • Anticipated change, but not yet!  Likely removal of the “Other Entity of Public Interest” category;
  • Strengthened breach reporting requirements;
  • Clarified application of prohibitions to different categories of entity; and
  • Tightened restrictions on the provision of non-audit services.

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CPD Course Speaker

ECR Professional Ltd

Edward Rands

Edward Rands was for eleven years the Risk and Professional Standards partner at a large independent firm of chartered accountants.

He led the firm’s technical team, which was responsible for maintaining and updating accounting and auditing knowledge, and for dealing with complex problems and queries as they arose.

He was also the founder chairman of the UK technical committee of his firm’s international network, and a contributing author of the network’s commercially published IFRS manual.

He now works as an independent consultant, advising firms on technical and regulatory matters.