Accountants offering audit and assurance services need to stay ahead of the latest developments in standards, regulation and best practice. ICAEW offers expert insight through the Audit and Assurance Faculty and the Technical Advisory Service (TAS), which provide content that all members can access as part of their membership.

Alongside offering expert insight and technical guidance on international audit standards, ICAEW provides support on specific areas of the audit lifecycle and on audits for specific industry sectors. 

Support with standards

The Audit and Assurance Faculty has collated ICAEW support and guidance into key standards into digital resource hubs dedicated to:

• ISA 315 – risk management
• ISQM 1 and 2, and ISA 220 – quality management
• ISA 540 – accounting estimates
• ISA 600 – group audits

These pages outline the latest developments in these areas. Most recently, the faculty updated its core guidance on the revised ISA 600 – a 54-page, downloadable PDF: Auditing in a group context: Practical considerations for auditors. 

The comprehensive guide, which is exclusive to members, reflects the definitions, principles and expectations introduced by ISA (UK) 600 (Revised). It draws on the experience of group and component auditors, to provides practical support on core audit areas, including planning, documentation, logistics and execution.

Further support on ISA 600 includes articles from the faculty’s digital magazine – Audit and Beyond – and cover communicating clearly and the changing nature of group audits.

This year, the faculty has also continued its support on ISQM 1 implementation with articles looking at enhancing root cause analysis and monitoring and remediation. These pieces supplement other existing guidance and support on ISQM 1 implementation, which include a TAS helpsheet on ISQM 1 annual evaluations.

Technical releases

A core element of the Audit and Assurance Faculty’s guidance are its technical releases – a long-running suite of 20 PDF guides on specific aspects of auditing. 

In November, the faculty published a major update to one of its longest standing technical releases which offers practical support on how auditors communicate with solicitors. TECH 01/25 AAF provides practical guidance for auditors on handling legally privileged information during audits. 

Legal privilege has become an increasingly prominent issue in the audit profession in recent years. While it serves to protect confidential communications between solicitors and their clients, it can pose significant challenges for auditors who need access to such information to perform their duties effectively. The updated guide covers the responsibilities of directors, duties of auditors which can be impacted by privilege and recent case law.

Other technical releases exclusive to ICAEW members, cover: 

• providing reports to third parties;
• providing reports on grant claims; and
• assurance reporting on master trusts.

Hot topics: AI and sustainability

The question of how artificial intelligence can support the work of auditors is understandably one that is at the forefront of minds. You can hear direct from the Financial Reporting Council and practitioners using the technology on an ICAEW podcast published in November. 

ICAEW members can also access a webinar on the opportunities and challenges recorded by the Audit and Assurance Faculty in the summer, as well as articles offering perspectives of smaller firms and larger organisations. Members wanting to stay up to date can bookmark the faculty’s audit and technology hub, which is updated with new support as it is published.

With the government in the process of finalising the UK’s first Sustainability Reporting Standards (UK SRS 1 and UK SRS 2), ICAEW has shared its response to the proposed drafts and what they might mean for the profession. 

Alongside closely monitoring the UK situation, the Audit and Assurance Faculty has offered insights and support on the broader landscape, which can be accessed through its sustainability assurance hub. In the summer it published an article looking at international standards including ISSA 5000, ESRS and IFRS S1 and S2. 

The faculty is also providing support aimed at directors or audit committee members on how to evaluate the need for assurance over climate-related activities. This guidance includes support on how to meet stakeholder expectations, how to embed governance and key questions for directors to ask their organisation. It also provides case studies and an examination of the advantages and disadvantages of assurance options.

Supporting best practice in audit

To help members ensure the quality of their audits, ICAEW provides a variety of content to share best practice and improve day-to-day activities. This includes free access to ICAEW’s e-learning programme on applying professional judgement in audit. The four-hour digital course, which costs £312 for non-members, includes FRC expectations, practical advice on improving professional judgement and case studies. 

Meanwhile, ICAEW’s Technical Advisory Service has created a series of 17 helpsheets specifically on audit and assurance queries from members, the most recent of which include:

• Can I undertake an independent examination of a charity?
• Cold file audit compliance review
• Registered auditor signing requirements

These resources sit alongside a wide range of articles and webinars from the Audit and Assurance Faculty. For example, you can access support on auditing cashflow statements with a webinar offering tips on the common pitfalls to avoid and an accompanying article offering more practical pointers.

The faculty has also recently offered tips for the auditor’s review of management spreadsheets, advice for considering complexity in audit-relevant IT systems, support on efficient audit documentation and considerations on audit revenue.

The faculty’s last webinar of the year can now be accessed on demand and looks ahead to what will be the hot topics and tips for 2025/26 audits, the perfect way to get ahead.