Audit and assurance
With interest in artificial intelligence (AI) and its impact on audit growing, ICAEW’s Audit and Assurance Faculty hosted a webinar this month entitled: AI in audit: opportunities and challenges. The webinar recording is freely available and the speakers debunk common myths surrounding AI and share how AI can significantly enhance audit efficiency, improve quality and provide deeper insights.
The faculty also participated in a webinar sharing insights on how businesses across the Republic of Ireland and Northern Ireland are dealing with the evolving global economic landscape. The session examines the crucial trading position with the EU, Great Britain and the US, and covered how auditors can navigate the uncertainty. Register to watch on demand for free.
On 18 June, the Centre for Public Interest Audit published its latest briefing paper, which seeks to highlight differences in regulatory requirements between public interest entities (PIEs) and non-PIEs – an important part of the current debate while we await the UK government’s revised PIE definition.
With much focus from practitioners on the revised ISA 600 on group audits, the Audit and Assurance Faculty published an article on communication skills this month: Ten ways to improve communication in group audits. Another major guide on group audits will be published by the faculty in the coming months.
In June, the Audit and Assurance Faculty also supported ICAEW’s responses to the key charity consultations on audit thresholds and the SORP (Statement of Recommended Practice) – where we urged for a joined-up approach on charity reporting.
Looking ahead, the Financial Reporting Council’s consultation on the adoption of ISSA (UK) 5000 closes on 31 July, and the faculty is reaching out to committees and other members to formulate ICAEW’s response.
Consultations on UK Sustainability Reporting Standards, transition planning and the sustainability assurance regulatory environment were launched on 25 June. Members are welcome to provide their views on the proposals by emailing tdaf@icaew.com.
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Corporate reporting
With the forthcoming changes to FRS 102, the Corporate Reporting Faculty has this month published a video offering an overview of what is changing to lease accounting.
On 12 June, the faculty also hosted a webinar, now freely available on demand, offering updates on the recent developments in IFRS Accounting Standards. This was then followed by an article explaining the revisions to the IFRS Practice Statement on management commentary.
June also saw the International Accounting Standards Board launch a request for feedback on IFRS 16 Leases, as part of its post-implementation review, as well as the UK government publish two draft Sustainability Reporting Standards. The Corporate Reporting Faculty is responding to these consultations. Members are welcome to provide their views on the proposals by emailing crf@icaew.com.
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Tax
The Spending Review 2025 was announced on 11 June, with HMRC given more money for digital services. Ambitious targets have been set for HMRC, including to all but eliminate outbound post by 2029/30.
June was a busy month for HMRC in other ways too. On 4 June, it revealed it had lost £47m (later corrected to £49m) to fraudulent repayments due to a large-scale phishing attack.
Just days later, it was revealed that HMRC will also be given the job of clawing back winter fuel payments to be made later this year.
Both issues came together in a later Tax News article where the Tax Faculty shone a light on early attempts by fraudsters to exploit the changes to winter fuel payments.
ICAEW members can also access a recording of this month’s faculty webinar on the Windsor Framework and a new TAXguide answering practitioners’ questions on payroll and rewards.
Looking ahead, July should see the publication of HMRC’s annual report and accounts for 2024/25, providing valuable insight into its performance on customer services and efforts to tackle tax debt.
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