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FRC guidance on auditor climate-related reporting responsibilities under ISA (UK) 720

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By Anne Adrain, Head of Sustainability and Reporting

17 February 2022

Main points:

  • The FRC has issued a new staff guidance note on auditor climate-related reporting responsibilities under ISA (UK) 720.
  • The guidance may be helpful for auditors in determining their responsibilities under ISA (UK) 720 in respect of climate-related disclosures.
  • The guidance also highlights the auditor’s responsibilities in respect of Streamlined Energy and Carbon Reporting (SECR) disclosures.

This article highlights a new FRC staff guidance note on auditors’ responsibilities under ISA (UK) 720 in respect of climate-related reporting.

The Financial Reporting Council (FRC) has published a new FRC Staff Guidance Note, Auditor responsibilities under ISA (UK) 720 in respect of climate-related reporting by companies required by the Financial Conduct Authority.

This staff guidance note may assist auditors in determining their responsibilities under ISA (UK) 720 in their audits of financial statements of companies that are required to include climate-related disclosures consistent with the Taskforce on Climate-related Financial Disclosures (TCFD) Recommendations.

The guidance also includes a brief reminder of auditor’s responsibilities under ISA (UK) 720 in respect of the company’s Streamlined Energy and Carbon Reporting (SECR) disclosures.

The publication has been issued in response to requests from auditors for further guidance on how to meet their responsibilities under ISA (UK) 720 in relation to the newly introduced requirements for TCFD-aligned climate disclosures.

Climate change reporting to be mandatory for largest UK entities

By Anne Adrain, Head of Sustainability and Reporting

12 November 2021

FRC issues new consolidated January 2022 editions of UK and Ireland accounting standards

By Anne Adrain, Head of Sustainability and Reporting

2 February 2022

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