Resources to help you understand and implement audit reform changes.
Read about the changes to the audit regulations to take account of audit regulation initiated by the Audit Regulation and Directive (ARD). These were transposed into law by the Statutory Auditors and Third Country Auditors Regulations (SATCAR) (June 2016)
Any firm that audits at least one Public Interest Entity (PIE) will now be monitored directly by the FRC which means that the FRC audit quality monitoring will expand from nine firms to approximately 50 audit firms. Julie Long, Inspections Director at the FRC, explains what to expect from an FRC Audit Quality Review visit (Audit & Beyond, June 2016)
Mark Babington, Deputy director of audit policy at the FRC, explains the changes to the Ethical and Auditing Standards (Audit & Beyond, May 2016)
Learn more about who will regulate what, how a public interest entity is defined, how changes will impact on audit firm tendering, how auditors and firms will be affected by revisions to ethical standards and auditing standards (March 2016)
The Commission services published an additional Q&A document to help facilitate the transition to the new EU rules on statutory audit (European Commission, 31 May 2016).
This policy statement published by the Prudential Regulation Authority (PRA) provides feedback to responses to the PRA’s Consultation Paper (CP) 34/15 Implementing audit committee requirements under the revised Statutory Audit Directive and sets out the final rules to implement the PRA’s policy in relation to this (May 2016)