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Future of assurance

Through its Audit & Assurance Faculty, ICAEW promotes dialogue about assurance services to help practitioners and those commissioning and using assurance reports.

The Audit and Assurance Faculty has brought together investors and assurance experts to discuss this fast-developing field and created The Audit and Assurance Innovation Panel (TAAIP). The panel works to share emerging best practice, develop innovative thinking and look ahead to where the assurance market is going next. 

Our aim is to:

  • Find out where new services could strengthen markets and support economic confidence by making information flows more credible.
  • Ask how the International Framework for Assurance Engagements can be applied and developed.
  • Answer demands for practical guidance to meet emerging market needs.

We do this by:

  • Convening debates on the developing market, engaging with stakeholders and thinking about the future of assurance;
  • supporting other bodies such as the International Auditing and Assurance Standards Board (IAASB) with their work on non-audit assurance;
  • providing technical releases for reference in regards to specific engagements, and application guidance that addresses all kinds of assurance engagements; and
  • addressing the confusion in the market that can lead to false assurance, both by cutting through the jargon  and by promoting clarity reporting.
 

Assurance over emerging forms of external reporting

Emerging forms of external reporting are garnering increasing attention and prompting debate. As a result, the Audit and Assurance Faculty has put together a series of articles to bring together comment in this area.

The expectation gap in assurance

The Audit and Assurance Innovation Panel 18-07-2018

One of the key challenges facing assurance providers, is in understanding and tackling the gap between the expectations of what assurance offers and what it really can provide. ICAEW's Audit and Assurance Innovation Panel (TAAIP), has devised a simple graphic to explain not only what assurance provides now, but what it could provide in future.

The need for principles based assurance guidance

John Ward 09-07-2018

In this article in the series on assurance over emerging forms of external reporting (EER), John Ward, Chair of the Audit and Assurance Innovation Panel and an assurance practitioner with 30 years of experience and expertise performing assurance engagements, addresses the need for principles based assurance guidance.

The respective responsibilities of preparers and assurers

John Ward 23-08-2018

In this article in the series on assurance over emerging forms of external reporting (EER), John Ward explores the respective responsibilities of preparers and assurers in using established and bespoke reporting frameworks.

A rational purpose for assurance engagements

John Ward 23-08-2018

In this article in the series on assurance over emerging forms of external reporting (EER), John Ward explores the meaning of a rational purpose for assurance engagements.

The journey: assuring all of the annual report?

Businesses, investors, accountants and regulators are all on a journey to find the right assurance over the right information in the financial statements, the rest of the annual report, and beyond.

The journey: assuring all of the annual report?

19-03-2018

Businesses, investors, accountants and regulators are all on a journey to find the right assurance over the right information in the financial statements, the rest of the annual report, and beyond.

The journey milestone 5: Where next with assurance?

Audit and Assurance Faculty 26-03-2018

In 2016 ICAEW’s Audit and Assurance Faculty ran a consultation to ask different stakeholders in the market what they considered to be the next step. The response encouraged us to move away from thinking about external assurance in isolation, and towards an understanding of how organisations can get the right assurance in the right place.

The journey milestone 4: Materiality in assuring narrative reporting

Audit and Assurance Faculty 31-01-2016

Applying materiality is as fundamental to an assurance engagement as it is to an audit. But this is more difficult where the information being reviewed is qualitative. Our report suggests how materiality might be applied in assurance. In particular auditors might consider how bias, misstatement and misrepresentation might affect qualitative information. Ultimately, understanding what users need from the information is crucial to appreciating what is material.

The journey milestone 1: assurance over key performance indicators

30-11-2015

Whether it’s a miner discussing extraction rates, a retailer talking about footfall, or a food producer quoting yield per hectare, a well-chosen KPI sheds light on the inner workings of a business. This new report in The Journey sequence explores how assurance engagements can be and are being used to build confidence in these important disclosures.