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Brexit and audit

The UK Brexit transition period ended on 31 December 2020. New rules apply from 1 January 2021. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information on audit considerations, auditing standards and audit firms.

Need to know

Latest news and insights

Brexit-related risk

The effect of Brexit and COVID-19 on imports and exports, the location of staff, increased risks around fraud and estimate and forecast accuracy all affect auditing. Faculty resources are a valuable asset in understanding the problems.

Transition period ends: Irish Audit arrangements

4 January 2021: The joint UK and Ireland Regulations issued in January 2020 remain in effect for Irish audits. Following the end of the Brexit transition period, some changes to eligibility are due. These will take effect once the Irish government has issued the appropriate legislation.

Transition period ends: New UK Audit Regulations

4 January 2021: Following the end of the Brexit transition period, new UK Audit Regulations are now in place, effective 1 January 2021. The major changes involve the qualification of EEA auditors and firms that could affect responsible individual (RI) status and ownership tests.

Guides and FAQs

Engagement letters helpsheet

Technical helpsheet providing sample wordings to help you draft engagement letters for a variety of typical engagements for both corporate and non-corporate clients. Includes full text and supplementary schedules.

Irish third country draft registration application

Auditors of UK companies (ie, companies incorporated in the UK) with listings on the Irish Stock Exchange, (such as listed debt), will be required to register with IAASA as third country auditors at the end of the transition period (31 December 2020) unless their registration continues to be accepted on the Irish audit register.

Webinars

Brexit and Audit

The UK transition period ended on 31 December 2020. Join Donna Wilcox, RSM and Paul Winrow, MHA MacIntyre Hudson, as they discuss how the end of the Brexit transition period impacts auditor’s work.

Audit related Brexit issues

ICAEW’s audit-related Brexit Guidance is intended to help auditors of SMEs deal with current Brexit-related uncertainties associated with a potential no-deal exit as they affect 31 December 2018 and 31 March 2019 audits.

External resources