Read with the right scope
UK audits under the revised standards; ISA (UK) 270 concerns public interest entities.
Status: Final standards issued; future application from financial periods beginning 15 December 2027.
What changed
The Financial Reporting Council published revised ISA (UK) 250 and ISA (UK) 270 on 29 October, updating how auditors assess possible material misstatements arising from non-compliance with laws and regulations. The standards emphasise professional judgement and a scalable, risk-based approach, with stronger links to the audit risk assessment framework in ISA (UK) 315.
The revisions also address UK legislative developments, including the Economic Crime and Corporate Transparency Act 2023. Following consultation, the FRC expanded implementation guidance and published a mythbuster to help avoid inconsistent interpretation.
When the standards apply
The standards apply to audits of financial statements for periods beginning on or after 15 December 2027. The revised standards are not immediately effective.
Practical implication — editorial
GRC teams and audit committees can use the lead time to discuss information needs with auditors and review how compliance risks reach financial reporting and assurance processes.
Part of the governance guidance hub. See how the GRC framework connects the disciplines.
Connect this to your review
Link the risk, control, obligation and next action in the review workspace. Record what is known, what needs checking and which decision follows. The workspace organises your records; it does not inspect or independently verify evidence.
Sources & verification
- FRC — revised ISA (UK) 250 and ISA (UK) 270 announcement ↗Source published 29 October 2026 · Source checked 2 November 2026 · Primary source
The source list records when each reference was checked. AI-assisted research and drafting; no independent human legal review is claimed. Check for later changes and advice appropriate to your circumstances.