Audit News: Issue 73

Early data from audit monitoring visits by the Quality Assurance Department (QAD) in 2022 suggests that the proportion of audits considered good or generally acceptable has fallen. There are thematic weaknesses relating to group audits/consolidation, inventory/stock and long-term contracts. 

• Read more about the findings

For firms who have not quite completed their work on service providers – we have published a statement in relation to the support that ICAEW provides that may be considered under that heading.

• ICAEW Quality Management Statement

An overview of the new quality management standards is available for any firms thinking of applying for audit registration.

• Overview of standards

Root cause analysis for smaller firms now developing their monitoring and remediation processes during 2023 is available.

• Root cause analysis for small practices

New UK Audit Regulations and Guidance came into effect on 5 December 2022. The regulations primarily take account of the new registration arrangements with the FRC for firms that audit PIE entities.

• Access Audit Regulations and guidance
• Read the full regulations
• Read a summary of the changes

Please see our newly updated guidance on which forms are needed when a firm applies for audit registration. This includes the forms we need when a firm changes its legal entity (eg, a partnership becoming an LLP) and when firms merge with or acquire other audit registered practices.

• Find out which audit form to use and when to use it

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.

• Access the Audit Monitoring Report 2021/22

ICAEW’s revised CPD framework will launch later this year. Ahead of the changes, ICAEW President, Julia Penny, tells us why changes to the existing CPD Regulations are necessary, why a risk-based approach to CPD is so important and explains how the latest requirements will improve trust and drive standards forward.

• Find out what changes are coming to the CPD framework

Following Privy Council approval of changes to ICAEW's existing Disciplinary Bye-laws, ICAEW's new disciplinary framework will come into effect from 1 June 2023. We talk to Duncan Wiggetts, Chief Officer for Professional Standards, about next steps and what the changes mean for investigations and disciplinary proceedings.

• Learn about changes coming to the disciplinary framework

Find out how Grant Thornton UK LLP used ICAEW’s AML educational drama All Too Familiar as part of its routine quarterly training for its audit practice.

• How the training film, All Too Familiar, helps auditors

Access a range of articles, research and guidance reporting on climate, climate risk in financial services and incorporating climate change into corporate decision making.

• Access information for businesses impacted by climate change matters

Find out more about the expertise we are looking for, remuneration rates for accountant and lay members, and how to apply.

• Read more about serving on one of our committees