The audit, assurance and internal audit area has information and guidance on technical and practical matters in relation to these three areas of practice. There are links to events, publications, technical help and audit representations.
Guidance on the exemption requirements for reporting periods beginning on and after 1 January 2016.
Access practical resources on client acceptance, auditor appointment and agreeing engagement terms to help understand auditors’ responsibilities and the requirements of International Standards on Auditing (ISAs), in particular, ISA 210. These resources include practical support to help auditors deal with the challenges that may arise.
Key requirements and practical support for auditors to help them understand and deal with challenges.
Guidance and support for auditors and practices on conducting audits, quality management, risk assessment and professional judgement, as well as information on regulation and standards.
As ICAEW registered auditors will be aware, in response to changes in the audit market, the growth of challenger firms and some more complex audits moving away from the largest audit firms, we have increased our activities to monitor the audits undertaken across firms registered for audit with ICAEW.
Digital tools are helping audit to evolve in a data-heavy, fast-moving corporate world. Innovative analytical and artificial intelligence tools are transforming audit, enabling auditors to be more collaborative and provide greater insights in real time.
Discover what assurance means, what can trigger the need for assurance, what an assurance engagement is and what assurance mapping is.
Information on the variety of assurance options open to organisations - ranging from those exempt from mandatory audit requirements to those seeking assurance on non-financial business information.
Assurance engagements can be typically broken up into nine stages. Not all stages will be clearly separated and identifiable in every engagement. Some stages, such as the engagement letter, may not be required during internal assurance, while others, such as the problem-solving phase, may not be necessary in some external engagements.
Guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts.
A comprehensive list of standards and guidance covering external assurance engagements. Find out which standards apply for engagements by subject area, as well as information on individual standards and the practical application of guidance to assurance engagements.
ICAEW’s Internal Audit Panel has identified eight risk areas where boards and audit committees should be asking themselves whether they are receiving the objective assurance they need amid increased public scrutiny.
Change is a feature of doing business, but managing it successfully can be complex. This guide outlines how internal audit can help project managers implement changes by adopting good practices throughout the project life cycle.
This guide considers seven challenges commonly faced by smaller internal audit functions and provides recommendations to help heads of internal audit establish and grow an effective function that can meet its priorities.
Cloud computing is transforming business IT services, but it also poses significant risks that need to be planned for. This practical guide for internal audits outlines how they should assess risk management.
Firms working in the regulated area of audit are required to comply with the Audit Regulations and guidance. On this page, you'll find links to advice and guidance to help your firm remain compliant.
ICAEW is responsible for the licensing, registering and monitoring of auditors who wish to carry out audits of local public bodies. This page explains what accountancy firms and individuals need to do to become a registered local auditor under the Local Audit and Accountability Act 2014.
This section outlines important information for individuals looking to gain audit rights in the UK,
Auditor Limited Liability Agreements (LLA) are contracts designed to ensure that auditors are not pursued for excessive losses, just a reasonable proportion based on their responsibility.
Find out what is licensed work and how your firm can become a licensed practice.
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring you have the tools and resources to help your firm maintain the expected standards. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
This overview explains in simple terms who does what in the financial reporting system for UK companies with full main market listings.
With calls for better engagement between auditors and users, we recommend the application of a three "pillar" model of what we call "User-Driven Assurance"; a new way of thinking about assurance, directed in its first phase by the needs of the primary user – the shareholders.
Governments and regulators are considering whether to mandate shared or joint audits in an attempt to increase audit quality, competition and choice.
Reporting on the effectiveness of controls over financial reporting features prominently in the current reviews of UK audit and regulation. This essay explores the current position in the UK, compares it with what happens in the USA and elsewhere in the world, and sets out the case for change and potential options.
Recent corporate failures have increased public concern about the value of audit and the role of auditors. To help inform debate on the scope of audit, this second supporting paper to our Future of Audit thought leadership essays explains what auditors do, why audits are necessary, the limitations of audit, and what gets audited and what doesn’t.
Despite the government dropping a requirement for UK plc to produce a resilience statement, some businesses still see the benefits of adopting its principles.
Despite the UK government dropping corporate governance reforms, many audit committee chairs are likely to continue following the principles behind the Audit and Assurance Policy even if they don’t publish a statement.
Pact between countries over qualifications and signing rights hailed as a boost for both the UK audit talent pool and export of “excellent British services”.
ICAEW has given evidence to the Business and Trade Committee on the challenges of audit and corporate governance reform. Iain Wright, ICAEW’s Managing Director, Reputation and Influence, explains what’s needed.
Revised Internal Audit Code of Practice aims to empower internal audit by acting as a practical guide to supporting board disclosure on risk management and internal control frameworks.
The US Securities and Exchange Commission has clarified its climate-related disclosures rules after a lengthy deliberation period.