Audit monitoring insights – smaller audit firms and less complex audits
Hear the first recording in our series of webinars sharing insights from our 2024 audit monitoring activity. This session focuses on smaller audit firms performing less complex audits. We highlight common challenges observed during file reviews such as risk assessment, fraud risk, use of experts, and sampling. The recording also covers illustrative case studies and addresses whole firm procedures, including ISQM 1 implementation and CPD monitoring.
Audit monitoring insights – larger audit firms and complex audits
This recording is aimed at larger audit firms and those with more complex audit portfolios. Based on our 2024 quality assurance monitoring reviews, we share findings from audit file reviews, focusing on risk assessment, fraud, the use of experts, significant judgements, and more. We also explore how firms are using cold file reviews, root cause analysis and remediation to strengthen audit quality and meet ISQM 1 requirements.
Audit monitoring insights – ISQM 1 implementation
This recording is tailored for medium-sized and larger, non-PIE audit firms focusing on ISQM 1 implementation. Drawing on findings from ICAEW’s quality assurance monitoring, we explore what good quality management looks like, common areas of concern, and how firms are progressing with risk assessment, monitoring and remediation. We also share early insights from CPD monitoring of larger firms under the new regulations.
Audit monitoring insights – ethical standard
This recording is suitable for all involved in statutory audit work, particularly those at small and medium-sized firms. It includes reminders about common independence threats and related safeguards that are frequently either overlooked or inadequately addressed on audit files. It covers ethical matters that need to be considered both at the engagement and firm-wide level, and some significant independence issues identified from audit monitoring in recent years. We also highlight a few key changes introduced by the FRC Ethical Standard 2024. This webinar is a good opportunity to augment your ethics-related CPD for the 2025/26 year, for those where the FRC Ethical Standard is relevant to their role.
