ISA 700 Irregularities

ISA (UK) 700 (Revised January 2020) Forming an Opinion and Reporting on Financial Statements applies for audits of financial statements for periods commencing on or after 15 December 2019 (i.e. from December 2020 year ends onwards).

ISA (UK) 700 (Revised) extends the requirement to include an explanation of the extent to which the audit was capable of detecting irregularities, including fraud, to all auditor’s reports rather than just those of public interest entities (PIEs). It is therefore important that audit firms ensure that their audit programmes and software are up-to-date to cater for the new requirements.


  • Considering laws and regulations (ISA 250A)
  • Reporting to financial regulators (ISA 250B)
  • Fraud and the auditor (ISA 240)
  • Irregularities and the audit report (ISA 700)
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