Fieldwork considerations and the response to risk

Articles written by practitioners and ICAEW staff covering various aspects of audit fieldwork.

• Developments in the audit of bank and cash
  
  Provides feedback from a series of interviews with practitioners, training providers, and staff at the UK Financial Reporting Council (FRC) and ICAEW’s Quality Assurance Department (QAD) about their experiences of the audit of bank and cash. 

• You be the judge
  
  Estimates, judgements and uncertainty are the most challenging aspects of any audit, but they are also areas where audit firms can improve audit quality, as this article highlights.

• Interact: It’s good to talk

  This article sets out guidance on identifying who is charged with governance, ensuring appropriate communication takes place and demonstrating this on the audit file. These elements are vital to the success of smaller entity audits.

• Great expectations
  
  This article asks how weaknesses related to substantive analytical procedures can be avoided and the process better utilised

• Effective sampling

  ISA 530 Audit Sampling sets out a number of different sampling methods.

• Analyse this

  Substantive analytical procedures are a powerful tool for auditors if they are used in appropriate circumstances and performed correctly. This article provides assistance to auditors carrying out analytical procedures as to the steps required to ensure analytical procedures are suitably and appropriateley applied.

• The human touch

  Electronic methods of auditing have their advantages, but auditors need to proceed with caution.

• Complying with ISA 315 on smaller audits: not easy 

  Particularly identifying significant risks and getting the work on systems and controls right. More guidance would help. 

• Auditor competencies: recruitment, development and support in smaller firms

• Consultation arrangements PAS3/HS03
• Data Protection Act and Accountancy PAS1/HS17
• Disclosure of confidential information PAS2/HS21
• IT systems compliance review PAS4/HS10

• Is there a place for substantive analytical procedures? 
• Right First Time with the Clarified ISAs
• Spring Roadshow 2012: charities, groups and other key issues for auditors
• Spring Roadshow 2011: Topical Issues for today’s SME Practitioners
• The audit of accounting estimates in smaller entities
• Efficient and Effective Auditing for Smaller Entities

Guidance and support from the IAASB in the area of audit fieldwork.

• ISA Module: ISA 260, Communication with Those Charged with Governance
• ISA Module:ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Managements
• ISA Module: ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
• Staff Questions & Answers - Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions
• Staff Audit Practice Alert - Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment
• Staff Audit Practice Alert - Emerging Practice Issues Regarding the Use of External Confirmations in an Audit of Financial Statements

There are a number of publications in this section written by practitioners for practitioners, focusing on the biggest implementation challenges within the Clarified ISAs. There are also support materials focussing on different industry issues provided with the unique insights of practitioners.

• Right First Time with the Clarified ISAs: 10 modules and 10 webinars
• Bank reports for audit purposes: Points to remember
• Audit Insights

Frequently-asked questions around audit fieldwork matters.

• Burning questions

  Q&As on a range of audit-related issues from how to approach prior year unaudited accounts to auditing issues around inventory.

• Q&As on management override of controls

  Auditors must obtain reasonable assurance that financial statements are free from material misstatement, whether caused by error or fraud. These Q&As looks at the risks in management’s ability to override internal controls.

• Q&As on a number of fieldwork issues

  These Q&As cover a variety of fieldwork issues from planning a small entity audit, doing an analytical review, or looking for evidence of internal controls.

• Q&As on a range of implementation challenges around Clarified ISAs
• More frequently-asked questions around ISA 600