The audit, assurance and internal audit area has information and guidance on technical and practical matters in relation to these three areas of practice. There are links to events, publications, technical help and audit representations.
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.
Access practical resources on planning an audit, risk assessment and internal controls to help understand auditors’ responsibilities and the requirements of International Standards on Auditing (ISAs), in particular, ISA 315. These resources include practical support to help auditors deal with the challenges that may arise.
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.
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.
ICAEW has received an indication from the Irish audit authorities that they interpret the Audit Directive to mean that non-Irish resident accountancy firms currently on the Irish Audit register, are unlikely to retain automatic audit rights in Ireland in the event of a no-deal Brexit. Your firm will be directly affected by this.
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.
This overview explains in simple terms who does what in the financial reporting system for UK companies with full main market listings.