2018 and 2019 were landmark years after a series of high-profile corporate failures drew intense public and political scrutiny of the audit sector, with the collapse of Carillion a watershed moment for the profession. Find more information on ICAEW’s contribution to the public debate and engagement with politicians, policymakers and academics on reforming the audit market.
As travel bans emerge as a result of coronavirus (COVID-19), concerns for auditors are growing.
ICAEW’s audit-related Brexit Guidance is intended to help auditors of SMEs deal with current Brexit-related uncertainties associated with a potential no-deal exit as they affect 31 December 2018 and 31 March 2019 audits.
Find out more about the Audit and Assurance Faculty and upcoming events. Faculty members can access exclusive content, including technical updates, guidance, publications and webinars.
Audit and Assurance Faculty Guides and Technical Advisory Services helpsheets prepared by ICAEW technical specialists to assist you in your day-to-day work. We offer practical advice, respond to frequently asked questions and highlight the issues you may need to consider. Audit and Assurance Faculty Guides were formerly known as 'Helpsheets'.
As discussions about the future of audit continue to evolve, the Audit and Assurance Faculty intends to influence the debate through a series of succinct, high-level thought leadership essays that consider a range of issues directly or indirectly relevant to the debate.
Guidance on the exemption requirements for reporting periods beginning on and after 1 January 2016.
Access practical resources on client acceptance, auditor appointment and agreeing engagement terms to help understand auditors’ responsibilities and the requirements of International Standards on Auditing (ISAs), in particular, ISA 210. These resources include practical support to help auditors deal with the challenges that may arise.
Key requirements and practical support for auditors to help them understand and deal with challenges.
Quality Control in the audit environment is an important area of focus for audit practitioners. This section provides guidance to firms on international quality control standards for auditors, including International Standard on Quality Control 1 (ISQC 1) and includes our paper on improving audit quality using root cause analysis (RCA). It also picks up international developments, including the IAASB audit quality project.
Find out more on: what assurance means, what can trigger the need for assurance, what an assurance engagement is and what assurance mapping is.
Information on the variety of assurance options open to organisations - from those exempt from mandatory audit requirements to those seeking assurance on non-financial business information.
Assurance engagements can be typically broken up into nine stages. Not all stages will be clearly separated and identifiable in every engagement. Some stages, such as the engagement letter, may not be required during internal assurance, while others, such as problem-solving phase, may not be necessary in some external engagements.
A comprehensive list of standards and guidance covering external assurance engagements. Find out which standards apply for engagements by subject area, as well as information on individual standards and the practical application of guidance to assurance engagements.
ICAEW’s Internal Audit Panel has identified eight risk areas where boards and audit committees should be asking themselves whether they are receiving the objective assurance they need amid increased public scrutiny.
Change is a feature of doing business, but managing it successfully can be complex. This guide outlines how internal audit can help project managers implement changes by adopting good practices throughout the project life cycle.
This guide considers seven challenges commonly faced by smaller internal audit functions and provides recommendations to help heads of internal audit establish and grow an effective function that can meet its priorities.
Cloud computing is transforming business IT services, but it also poses significant risks that need to be planned for. This practical guide for internal audits outlines how they should assess risk management.
Regulation and working in audit
Firms working in the regulated area of audit are required to comply with the audit regulations and guidance.
ICAEW is now responsible for the licensing, registering and monitoring of auditors who wish to carry out audits of local public bodies. This page explains what accountancy firms and individuals need to do to become a registered local auditor under the Local Audit and Accountability Act 2014.
To gain audit rights, you need to hold an audit qualification such as the ICAEW Audit Qualification.
Auditor Limited Liability Agreements (LLA) are contracts designed to ensure that auditors are not pursued for excessive losses, just a reasonable proportion based on their responsibility.
Find out what is licensed work and how your firm can become a licensed practice.
Information for firms that undertake audits of Irish entities.
The future of audit
This overview explains in simple terms who does what in the financial reporting system for UK companies with full main market listings.
With calls for better engagement between auditors and users, we recommend the application of a three ‘pillar’ model of what we call ‘User-Driven Assurance;’ a new way of thinking about assurance, directed in its first phase by the needs of the primary user – the shareholders.
Governments and regulators are considering whether to mandate shared or joint audits in an attempt to increase audit quality, competition and choice.
Reporting on the effectiveness of controls over financial reporting features prominently in the current reviews of UK audit and regulation. This essay explores the current position in the UK, compares it with what happens in the USA and elsewhere in the world, and sets out the case for change and potential options.
Recent corporate failures have increased public concern about the value of audit and the role of auditors. To help inform debate on the scope of audit, this second supporting paper to our Future of Audit thought leadership essays explains what auditors do, why audits are necessary, the limitations of audit, and what gets audited and what doesn’t.
Latest audit news from our Insights section
30 March 2020: the Financial Reporting Council has published guidance for companies preparing financial statements and a bulletin for auditors covering factors to be taken into account when carrying out audits during the current COVID-19 crisis.
27 March 2020: ICAEW’s Technical Advisory Service considers the potential impact of coronavirus on attendance at audited entities’ stocktakes and the auditor’s report.
In his 35-year career, Ged Nichols has done it all. Now he is embarking on a new track with his own consultancy, A Fresh Pair of Eyes
Three up-and-coming accountants working in UK retail tell Penelope Rance about the unique qualities accountants can bring to the sector
As experts warn of a lack of appreciation of the cost of technology failures, it’s time for businesses to review and enhance their digital infrastructure resilience strategies, writes Joe McGrath
23 March 2020: now Sir Donald Brydon has issued his report, the tenor and tempo of the audit reform debate can now change. ICAEW’s Michael Izza outlines the five clear goals.