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FRC Ethical Standard - Important Changes

The FRC’s Revised Ethical Standard 2019 was released in December 2019 and comes into effect for the audits of entities with accounting periods beginning on or after 15 March 2020. Whilst this means that the new Standard will generally apply to entities with financial year ends of 31 March 2021 and on wards, there are a number of significant restrictions in the Ethical Standard that auditors need to be aware of prior to the commencement of those accounting periods.

Whilst a couple of these were mentioned in a previous blog, on further review of the Ethical Standard it was thought necessary to issue a Technical Memo to bring the changes to the attention of a wider audience and provide some additional details. The Memo is available here.