Ukraine crisis: Audit and corporate reporting resources

On 15 December 2022, the UK Government laid new regulations in Parliament that extended the prohibition on the provision of professional services to include 'auditing services'. The ban came into effect from 16 December 2022 but there are limited exemptions.

In this month’s newsletter we issue a risk alert for new audit tenders, provide you with additional guidance on the UK ban of the provision of accountancy services to Russia and highlight another case study on how our latest training film is being used. We speak with one of the ICAEW Regulatory Board’s newest members, Claire McManus about why a people-focused approach is close to her heart and how the wider environment influences professional conduct. Our latest disciplinary report and our 2021/22 Practice Assurance Monitoring Report are also now available.

Read about our monitoring approach to implementation of ISQM1, audit monitoring visits update, why clarity is vital in auditor resignation statements, FRC changes to registrations for auditors, government’s audit reform plans, revised Irish audit regulations audit guidance in response to the Ukraine crisis, reporting matters of material significance to charity regulators, and the latest Professional Standards updates.

In this month’s update we remind all firms to ensure they are prepared for the new audit Quality Management standards which will come into effect in December. We highlight some of the common inadvertent breaches seen by the Probate Committee and provide you with a summary of the ICAEW's response to recent proposals for a single insolvency regulator. Our AML supervision team have also flagged some key resources to help you understand the impact of UK sanctions against Russia.

This guide explores issues faced by UK group auditors with overseas component auditors in light of the Ukraine conflict.

ICAEW has been meeting with MPs to discuss economic growth and the opportunities offered by technology, as well as giving evidence to parliament on audit reform and the effectiveness of sanctions on Russia.

ICAEW issues guidance after the Financial Reporting Faculty warns that the economic knock-on effects could be felt widely by business.