The Audit and Assurance technical area has information, guidance and events about the Audit and Assurance Faculty, clarified ISAs, working in the regulated area of audit, the future of audit, audit quality forum, gain audit rights in the UK, audit quality forum.
Audit and assurance faculty
The Audit and Assurance Faculty is at the front of audit and assurance developments.
The technical updates cover publications issued by the Accounting Standards Board, International Accounting Standards Board, Auditing Practices Board, International Auditing and Assurance Standards Board and associated bodies.
The ICAEW promotes dialogue about assurance services through the re:Assurance initiative, and develops practical guidance to help practitioners navigate the new waters of assurance and accounts review.
Assurance engagements are supported by a range of IAASB and ICAEW technical documents. High level principles are set out in the 2004 IAASB International Framework for Assurance Engagements. These are developed in the IAASB International Standard on Assurance Engagements (ISAE) 3000, and later ISAEs, as well as by a series of ICAEW Technical Releases and supplements. This series of links directs a user to these key documents, as they were constituted in early 2012.
The Audit and Assurance Faculty knows that practitioners who perform audits deserve help. Auditing standards, ISAs (UK and Ireland) are a substantial body of material to implement and the only people who can provide real help with this are practitioners with experience in this area. Everything in this section is written by practitioners, for practitioners.
Audit exempt organisations can choose from a range of services that add credibility to their financial statements. The assurance options leaflets explain each option in neutral terms. They also give some points to consider that are designed to help a business understand the reasons why each option might be useful.
This concept paper is a contribution to the current debate on assurance over narrative reporting. It sets out four scenarios for assurance, our initial observations and challenges, and asks five challenging questions that will need to be addressed as we move forward.
ICAEW’s Audit Qualification (AQ) is only available to ICAEW members and is free of charge. Please read through the following carefully to determine if the AQ is relevant to you and how you should apply.
As the role of the auditor comes increasingly under the spotlight following recent global financial turbulence, ICAEW believes that it is vital that the accountancy profession re-examines the role of audit and assurance and comes up with constructive, practical ways which both can improve and continue to benefit businesses, the economy and society in the 21st century.
Audit is a public interest activity. Audit reports build confidence in financial statements, and give credibility to companies, and comfort to their stakeholders. Companies also benefit from the insight that auditors have into business processes and the wider market environment.