Latest news
ICAEW’s 2024 Practice Assurance Monitoring Report is now available
- Hub page
- 15 Jul 2024
This report highlights our findings from our reviews of firms’ compliance under the PA scheme framework, including analysis from this year’s focus area: anti-money laundering. Read the report to find what issues were identified and ensure you’re not making similar, avoidable mistakes.
Stepping up to the challenge
- Article
- 08 Apr 2024
ICAEW’s Professional Standards Department (PSD) has recently made three new senior management appointments. We ask Sophie Wales, Director of Regulatory Policy, Sarah Brook, Director of Investigations, and Nick Reynolds, Head of Audit, about their new roles, and their priorities for the future.
ISQM1: early findings from quality assurance monitoring
- Article
- 04 Apr 2024
The International Standard on Quality Management 1 (ISQM1) replaced ISQC1 in December 2022 to help firms proactively manage audit quality. Over the last 15 months ICAEW Quality Assurance Department (QAD) reviewers paid close attention to how firms have adopted this new quality management system and provided relevant guidance where needed. We look at the early findings and highlight what QAD will be looking for in 2024.
Importance of audit file assembly
- Article
- 08 Jan 2024
Inevitably updates and enhancements to International Standards on Auditing (such as ISA 315) and the implementation of ISQM1 have commanded much attention by firms over the last 12-18 months. However, it is important not to overlook long-standing requirements. Audit file assembly within ISA 230 is one example. We have identified some weaknesses in recent quality assurance monitoring visits and it is worth all firms reviewing their procedures to ensure they remain fit for purpose.
2022/23 Audit Monitoring Report: leveraging insights to improve performance
- Article
- 05 Dec 2023
ICAEW’s Audit Monitoring Report for 2022/23 has recently been published. Duncan Wiggetts, Chief Officer for Professional Standards, and Trevor Smith, QAD Director, outline the report’s key findings and explain how you can use these to drive improvement.
One year on from ISQM 1
- Article
- 29 Nov 2023
Experience from audit monitoring reviews in 2023 shows that most audit firms have made great efforts in the implementation of ISQM1. All firms realise that their policies and procedures will develop over time, and it is now the cycle of monitoring, remediation and evaluation of the system of quality management, at least annually, that will be key to ongoing success.
Audit monitoring report 2022/23
- Link
- 16 Nov 2023
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring you have the tools and resources to help your firm maintain the expected standards. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
Auditor resignations: promoting transparency and best practice
- Article
- 05 Oct 2023
ICAEW’s Quality Assurance Department (QAD) shares examples of good practice identified during recent monitoring activity relating to the risks firms take on so they can fully service the specific needs of the audit, including considerations for outgoing and successor auditors.
Issues of Audit News e-newsletters
Audit News: Issue 73
- Newsletter
- 15 Mar 2023
In this issue we highlight concerns from our Quality Assurance Department about audit quality in 2022, key ISQM 1 resources, the latest UK Audit Regulations and changes to the disciplinary framework which will take effect on 1 June.
Audit News: issue 72
- Newsletter
- 10 Nov 2022
Read about PIE audits and new registration requirements, risk alert for new audit tenders, auditor resignations and your responsibilities, good practice when taking on new audits, local audit quality inspection results, quality management in audit firms, ISA 600 and what’s new in group audits, compliance reviews as a positive learning experience, enhanced ICAEW membership, and Quality Assurance monitoring feedback results.
Audit News: Issue 71
- Newsletter
- 16 Jun 2022
Read about our monitoring approach to implementation of ISQM1, audit monitoring visits update, why clarity is vital in auditor resignation statements, FRC changes to registrations for auditors, government’s audit reform plans, revised Irish audit regulations audit guidance in response to the Ukraine crisis, reporting matters of material significance to charity regulators, and the latest Professional Standards updates.
Audit News: Issue 70
- Newsletter
- 21 Feb 2022
Read about statutory six-year cycle for audit monitoring, being prepared for Quality Management standards, EU country registration a recording of Audit Update for Q4 2021, feedback from firms on QA reviews in 2021, consultation on changes to ICAEW’s disciplinary framework, resourcing root cause analysis; updating ICAEW on your firm’s details, and ICAEW’s audit monitoring report for 2020—21.
Audit News: Issue 69
- Newsletter
- 12 Nov 2021
Read about reporting matters of material significance to charity regulators. an update on your audit monitoring visits, a reminder about our feedback survey, information on QA webinar, what good looks like for going concerns, access to series of articles sharing insights on ways to work in the regulatory sphere, our response to BEIS White Paper, and information about having the right insurance for cyber risks.
Audit News: Issue 68
- Newsletter
- 14 Jun 2021
Read about our survey to find out what your firm thinks about our audit monitoring reports, a return to onsite Quality Assurance reviews, reporting breaches of the FRC Ethical Standard, regulatory applications update, regulation and conduct through difficult times, issues coming before the ARC, social media guidance, keeping the Chartered Accountant’s badge shiny, follow the new R&C LinkedIn page, and a reminder to complete our survey.
Audit News: Issue 67
- Newsletter
- 14 Jan 2021
Read about the end of the transition period for new audit regulations, updated arrangements for Irish audits, audit eligibility issues, our webinar discussing the role of the ARC and examples of best practice, challenges of remote auditing, , guidance for firms on Suspicious Activity Reports (SARs), and updates to PII, Appeal and Fitness Committee Regulations.
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