In this month's issue we, highlight the new UK Audit Regulations that came into effect on 5th December, provide you with a new HMRC issued bulletin and, remind you of all our most recent newsletters. There’s an invitation to the 2023 Probate Diversity Survey webinar and we also ask you to give your feedback on Regulatory & Conduct News.
Which audit form and when?
New UK Audit Regulations
New UK Audit Regulations and Guidance are now in effect. The regulations primarily take account of the new registration arrangements with the FRC for firms that audit PIE entities.
PIE audits: new registration requirements
The regulatory regime for firms auditing Public Interest Entities (PIEs) is changing. We look at new FRC registration requirements, plans to expand the definition of a PIE, and what audit firms need to consider now and in future.
Audit monitoring report 2021/22
A key part of our role as an improvement regulator is to provide help and support to our firms; to ensure you have the tools and resources to help your firm maintain the expected standards. The Audit Monitoring Report is an important resource for firms regulated by ICAEW for audit services.
Quality management in audit firms
Access resources to help audit firms prepare for new quality management standards ISQM 1, ISQM 2 and ISA 220 (Revised).
2023 probate diversity survey
The next probate diversity survey will take place in Spring 2023.
The dates for your diary are:
- Probate diversity webinar – 1 February 2023. This year’s webinar will include a demonstration of the free survey tool and the opportunity to ask questions about the updated process.
- Data collection - 31 March 2023 (The survey should be carried out as close to this date as possible.)
- Submission to ICAEW deadline – 30 April 2023
- Publication of a summary of your firm’s results – 31 May 2023
- ICAEW 2023 probate diversity report publication – summer 2023
Please note the survey is mandatory and late submissions may result in a regulatory penalty from the Probate Committee.
Information about how to collate the data will be made available closer to the next submission date in 2023.
Find out more and access FAQs
Have you recently had a quality assurance review?
If so, please take a few minutes to complete this anonymous feedback survey:
AML thematic reviews
Access all of our thematic reviews in one place and use the information to update your firm’s processes and procedures.
New suspicious activity reports (SARs) portal
All Too Familiar case studies
Find out how firms and universities are using our films to enhance their in-house training.
Support for DPB licensed firms
Access all the latest guidance including webinars, helpsheets and articles.
Increased tax clearance requests in Members Voluntary Liquidations
HMRC has requested insolvency practitioners ensure they send only one request and include the reason for the email in the subject line.