Member firms working in the regulated area of audit are required to comply with the audit regulations and guidance.
Have you watched QAD's webinar on audit quality?
Audit Monitoring 2011
Audit Monitoring 2011 is the Quality Assurance Department's report on its audit monitoring activities in 2011. It highlights areas where some firms have difficulty and includes details of the help and support available from ICAEW. You may find our report on audit monitoring in 2010 useful too.
Audit news
We send an email to all audit compliance principals when an issue of Audit News is published. We also use the monthly email alert to tell members when a new issue is available.
The latest edition of Audit News (Issue 50, December 2011) is now available.
Help with CPD
To help you plan your CPD, we have produced an aide memoire (PDF 67KB/4 pages) of recent audit-related technical changes.
Audit Regulations and Guidance
Revised Audit Regulations and Guidance came into effect on 6 April 2008, when the relevant sections of the Companies Act 2006 came into force. Periodically, changes are made to the regulations and an updated version is published.
Audit Regulations and Guidance in Ireland
The revised Audit Regulations and Guidance do not currently apply in Ireland. Instead, the Audit Regulations and Guidance 1995 (PDF 3MB/102 pages) (as amended) apply to RoI audits.
Nevertheless, the directive has now been transposed into RoI law and we are considering any necessary amendments to the regulations. We will publish details in a future edition of Audit News.
To help firms with the changing requirements in Ireland, we have produced some initial guidance on the recently implemented EU’s statutory audit directive.
Audit requirements in the Crown Dependencies of Jersey, Guernsey and the Isle of Man
Special arrangements apply to firms that audit companies incorporated in one of the Crown Dependencies which have 'transferable securities' admitted to trading on a 'regulated market' in the EU. The requirements apply even if the firm or company is not operating in a Crown Dependency.
Auditor cessation statements
To help registered auditors with the notification requirements when an auditor ceases to hold office, a flowchart and guidance notes (PDF 79KB/14 pages) set out the process.
Audit Regulation 3.09
Access to audit papers on change of audit appointments after 6 April 2008
For financial years starting on or after 6 April 2008, when an auditor ceases to hold an audit appointment, the successor auditor can look at the working papers of the predecessor auditor. For the avoidance of doubt, although this regulation places an obligation on the 'predecessor' auditor, the appointment referred to in the regulation and at the end of the related guidance is that of the 'successor' auditor. It is irrelevant when the predecessor was appointed. (Note, in the article in Audit News 45, about the implementation of audit regulation 3.09, the reference to 'an accounting period' in the penultimate sentence should be to 'a new appointment'.)
There is additional guidance for both predecessor and successor auditors on the provision of access to information (including example letters to use).
Audit Regulation 3.13 - Access to audit working papers
To help registered auditors with Audit regulation 3.13, we have produced some guidance on Audit Regulation 3.13 (PDF 47KB/4 pages).