Audit guides and FAQs

What small practices should do to prepare for Brexit

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

Impact of Brexit on audit registration in UK and Ireland

Guidance issued prior to Brexit by ICAEW on audit regulation largely addressed the potential need for immediate action should withdrawal occur with no agreement, a no-deal Brexit. As a withdrawal agreement has been signed, the steps identified as part of a no-deal do not apply on 1 February 2020, but potentially will still come into force on 31 December 2020. This applies to arrangements both in the UK and Ireland.

UK Regulation for Company Accounts

This is exclusive item - please log in or subscribe to view this item.

This factsheet provides an overview of the regulatory requirements affecting UK company accounts. The factsheet applies to both UK GAAP and IFRS adopters.

Brexit: FRC guidance for auditors

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.

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.

Brexit and IFRS 9 Financial Instruments – expected credit losses

This guide outlines some considerations to help banks and others, including auditors and internal auditors, approach the challenges that have arisen from the introduction of IFRS 9 Financial Instruments and Brexit’s potential impact on this.

Part 1: Brexit and audit – Brexit-related risk factors

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

Part 4: Brexit and audit – key questions for consistent approach

As a pervasive issue affecting many businesses, it is important that firms develop a consistent approach to Brexit. This guide provides some tips to help you do that.

Part 3: Brexit and audit – auditing standards considerations

Brexit will have implications for a variety of auditing standards. Read our guide to help you navigate through those implications.

Brexit and audit - key questions for a consistent approach

This is exclusive item - please log in or subscribe to view this item.

As a pervasive issue affecting many businesses, it is important that firms develop a consistent approach to Brexit. This guide provides some tips to help you do that.