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Audit and assurance helpsheets

Helpsheets prepared by ICAEW technical specialists to assist you in your day-to-day work. We offer practical advice, respond to frequently asked questions and highlight the issues you may need to consider.

Audit and Assurance Faculty helpsheets

The Audit and Assurance Faculty have produced a number of helpsheets. These are designed to help firms to prepare their audit reports for certain specific situations. They cover the main changes that are needed to be made to the examples in the FRC’s Compendium of illustrative auditor’s reports and to help firms to comply with the relevant law and International Standards on Auditing (UK).

Preparing an audit report for English and Scottish registered providers of social housing/registered social landlords - registered under The Companies Act 2006

This helpsheet is designed to explain the main changes that are needed to the audit report of a company that is an English Registered Provider of Social Housing (RP) or Scottish Registered Social Landlord (RSL) that does not prepare group financial statements, compared to that of a company. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.

Preparing a qualified audit report - disagreement (related parties example)

This helpsheet is designed to explain the main changes that are needed to the audit report when an auditor considers it necessary to issue a modified opinion on the financial statements due to a material misstatement in the financial statements. The example chosen to illustrate the amendments needed to a modified opinion is where there is a material deficiency in the information relating to related party transactions that is required to be disclosed by the financial reporting framework

Preparing and audit report for English Registered providers of social housing - registered under The Charities Act 2011

This helpsheet is designed to explain the main changes that are needed to the audit report of a charity that is an English Registered Provider of Social Housing Landlord (RP) that does not prepare group financial statements, compared to that of a company. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.

Preparing an audit report for English, Scottish and Welsh registered providers of social housing/registered social landlord - registered under the cooperative and community benefit societies act 2014

This helpsheet is designed to explain the main changes that are needed to the audit report of an English Registered Provider of Social Housing (RP) or a Scottish or Welsh Registered Social Landlord (RSL) registered under the Co-operative and Community Benefit Societies Act 2014 that does not prepare group financial statements, compared to that of a company. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.

Preparing an audit report with a disclaimer of opinion

This helpsheet is designed to explain the main changes that are needed to the audit report when an auditor considers it necessary to disclaim the opinion on the financial statements as a whole. The example wording in this helpsheet has been adapted from the examples in the Appendix to ISA (UK) 705 and updated for UK legal and regulatory requirements.

Preparing an audit report for micro entities

This helpsheet is designed to explain the main changes that are needed to the audit report of a company preparing its financial statements under the micro-entities regime compared to that of a company preparing its financial statements under FRS 102.

Audit report on defective financial statements

This helpsheet is designed to explain the main changes that are needed to produce an audit report on a set of defective financial statements prepared in accordance with regulations under the Companies Act 2006. It seeks to explain the differences in the audit report compared to the audit report issued on the original (defective) financial statements.

Preparing a non-statutory audit report

This helpsheet is designed to explain the main changes that are needed to be made to the company examples in the FRC’s Compendium of illustrative auditor’s reports. This helpsheet applies to opinions issued in accordance with ISAs (UK) for entities other than companies where there is no statutory or regulatory requirement for an audit to be undertaken.

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Technical Advisory Services helpsheets

If you cannot find the answer to your specific question, please contact the Technical Advisory helpline on +44 (0)1908 248 250.

Audit exemption conditions for companies

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Techical helpsheet in the form of a flowchart, outlining the audit exemption conditions for companies.

Audit exemption beginning on or after 2016

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Stacey Tapp, ICAEW Technical Advisor, explains the criteria for determining whether an audit is required and answers commonly asked questions about audit exemption for periods commencing on or after 1 January 2016.

Audit exemption beginning before 2016

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Stacey Tapp, ICAEW Technical Advisor, explains the criteria for determining whether an audit is required and answers commonly asked questions about audit exemption for periods commencing before 1 January 2016.

Audit of clubs, associations and societies

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Technical helpsheet regarding audit regulations for clubs, associations and societies.

Audit reports

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Technical helpsheet outlining changes made by the Companies, Partnerships and Group (Accounts and Reports) Regulations 2015 (SI 2015/980) to section 496 of the Companies Act 2006, which give auditors additional responsibilities for the directors and strategic reports, for periods commencing on or after 1 January 2016.

Auditing Standards 2016

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Technical helpsheet on the FRC Auditing Standards 2016 for periods commencing on or after 17 June 2016. It explains some key changes to the ISAs (UK), which replace the previous ISAs (UK & Ireland).

Auditor resignation – auditor and company responsibilities

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Technical helpsheets which explain the responsibilities of auditors on resignation from a NON public interest company, and the responsibilities of the company after the auditors cease to act. Applicable on or after 1 October 2015.

Auditor Resignation under Companies Act

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Technical helpsheet explaining what happens when an auditor resigns from periods commencing before 1 October 2015.

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