Brexit and audit

The Audit and Assurance Faculty at ICAEW has updated five of its popular audit report wording guides to reflect changes to auditing standards.

5 March 2021: A proposed relaxation of the company listing rules aimed squarely at increasing London’s attractiveness as a financial centre post-Brexit has been published.

24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.

16 February 2021: The double whammy of Brexit and COVID has prompted an important focus on approaches to audit that could prove beneficial to auditors and clients alike.

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.

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.

16 October 2020: The Financial Reporting Council’s Jon Thompson spoke about the drivers for and progress in audit reform, the attractiveness of the profession and the challenges of COVID-19.

ICAEW is committed to helping members seeking professional recognition for the pursuit of regulated activities, such as statutory audit, in the European Economic Area (EEA) under the post-Brexit arrangements.

The end of the Brexit transition period has resulted in significant changes to how businesses operate. Combined with the impact of COVID-19, this presents unique challenges for auditors. This guide provides ten questions to help auditors develop a consistent approach to Brexit across the practice.

Auditors will need to consider how Brexit-related risks could impact on the firms they are auditing. Our guide provides a framework for that analysis.

The transition period which followed the exit of the UK from the European Union ended on 31 December 2020.

This page presents an overview of instructions and guidance for small practices to prepare during the transition period following Brexit.

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.

BEIS and the FRC have issued on 22 February 2019 five documents that set out the necessary steps all audit firms (large and small) should undertake to prepare for Brexit including no-deal outcomes.

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.

An update on changes to UK audit regulation and current consultations.

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.