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Audit Insights

ICAEW Insights on audit and coronavirus

Materiality: communicating key audit matters for 2020 year-ends

ICAEW Insights 25-05-2021

ISA (UK) 701 introduces changes to key audit matter disclosures in the auditor’s report relating to materiality. Louise Sharp, Manager in ICAEW’s Audit and Assurance Faculty, provides a reminder of the new requirements.

ICAEW technical round-up: April 2021

ICAEW Insights 27-04-2021

This month’s top technical stories on ICAEW Insights include news on the fourth self-employed grant, new EU sustainability disclosure rules and how auditors can report on irregularities, including fraud.

Fraud and audit: challenging clients remotely

ICAEW Insights 01-03-2021

With the prevalence of COVID-related fraud, auditors are under pressure to be thorough when assessing material fraud. With remote audits, this is a particular challenge.

Brexit and COVID drive audit process rethink


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.

How auditors can tackle the COVID fraud triangle


29 January 2021: With a high level of fraud predicted as a result of a COVID “perfect storm”, a new guide by ICAEW’s Audit and Assurance Faculty reminds auditors of their key responsibilities and highlights specific areas for discussion among engagement teams.

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.

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