Audit News March 2020
Welcome to Audit News 65, your regulatory update containing the latest technical guidance and best practice advice.
In this issue:
- New Audit Regulations and Guidance for 2020
- Irish Audit Register application deadline has passed
- Brexit update: Audit
- New regulations for the Crown Dependencies
- Audit monitoring insights
- Prepare for your firm’s audit monitoring visit
- PII - mind the gap
The new regulations came into effect on 1 January 2020. These will remain in place until the end of 2020. Please remember that as your firm is registered for audit with ICAEW, you are required to comply with the Audit Regulations and Guidance.
Under the new Audit Regulations, UK firms had to apply separately to be registered for Irish audits. This application deadline has now passed. Any firm that has applied, but was not approved by 31 January 2020 will remain on the register but won’t be eligible to sign Irish audit reports until we have approved the application. Firms that did not apply before 31 January 2020 are no longer registered to carry out audit work in Ireland. If your firm is no longer on the register, you need to update your website and stationery accordingly.
New guidance has been issued on the arrangements that will apply during the Brexit transition period (effective 1 February to 31 December 2020). Separate considerations apply for UK and Ireland registrations.
The new Crown Dependencies’ Audit Rules and Guidance will come into effect from 15 March 2020. These are the draft regulations that were initially put forward in August 2018. The new regulations include updates to reflect new powers of the FRC and also changes to the definition of Public Interest Entities, extending this to all market traded companies.
This series of webcasts will help your firm with areas that our Quality Assurance monitoring team identify as issues on their on-site audit monitoring visits. Topics include fraud, ethical standards and internal controls.
Find out more about our monitoring visit process and access guidance on preparing for your firm’s review.
ICAEW’s Professional Standards Department shares the latest advice on PII and the importance of making sure there are no gaps in your PII cover.