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Audit Insights

ICAEW Insights on audit and coronavirus

FRC chief: ‘audit is a great leveller’


8 December 2020: Sir Jon Thompson, Chief Executive of the Financial Reporting Council, answers questions on how the FRC has responded to the challenges of COVID-19, progress in audit reform, and the attractiveness of the audit profession.

FRC CEO: audit reform still top of the agenda


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.

COVID 19: interim reporting and the auditor’s role


Interim reporting by listed companies will be of particular interest in 2020 to a range of stakeholders, including investors and other users of company accounts who want to understand the impact of COVID-19 on business performance and prospects. This guide developed by ICAEW’s Audit and Assurance Faculty is designed to help users to better understand the role of auditors in relation to such interim reports.

Financial reporting in a time of crisis


26 June 2020: ICAEW CEO Michael Izza explains the importance of going concern for auditing the effects of COVID-19, and how the Institute is supporting members with new resources.

Preparing financial statements


Financial statements are prepared on basis that a business will continue to operate for the foreseeable future ie, that it is a going concern. Our guidance outlines who is responsible for ensuring that the going concern basis is appropriate, offers practical advice on how to make this assessment, and explains the implications for the accounts.

Auditing going concern


Auditors test the appropriateness of the use of the going concern basis for financial statements. Our guidance outlines auditor responsibilities for testing going concern, offers practical advice on testing, and explains the implications for the audit report.

ICAEW releases RST and going concern for preparers guides


26 May 2020: In light of the continuing economic uncertainty caused by the coronavirus pandemic, ICAEW has published guides on going concern considerations for those preparing accounts and on reverse stress testing.

A business toolkit to tackle the coronavirus crisis


24 April 2020: as we prepare to enter a second month of lockdown, businesses face a range of extreme and diverse challenges. To help overcome these obstacles, ICAEW has produced a range of resources.

Coronavirus: understanding audit reports


While COVID-19 will affect businesses in different ways and to different degrees, it is likely to have a significant impact on audit reports on company financial statements for the foreseeable future.

FRC updates ICAEW on COVID-19 bulletin for auditors


15 April 2020: the Financial Reporting Council’s Mark Babington joined ICAEW’s Audit and Assurance Faculty for a webinar to discuss key aspects of its guidance for auditors affected by coronavirus.

COVID-19: the impact on key areas of audit


14 April 2020: ICAEW’s Audit and Assurance Faculty ran a webinar outlining how auditors should factor the impact of the COVID-19 pandemic into their work.

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