The Financial Reporting Council (FRC) has
launched a consultation on revisions to the Ethical Standard. The proposed revisions enhance prohibitions where an audit firm's independence could be threatened. There are also changes proposed to reflect findings from audit inspections and enforcement cases, as well as changes to reflect developments in the International Ethics Standards Board for Accountants (IESBA) since the FRC last revised the standard in 2019.
The consultation remains open until 31 October 2023.