Guide to the auditing implications of the war in Ukraine
The situation in Ukraine is changing daily, as is the reaction by the UK government and international community. We take a look at some of the key considerations for auditors.
The audit area has information and guidance on completing all stages of an audit as well as making the decision around whether or not an audit is required. There are links to technical help, webinars, publications and events as well as audit representations.
Learn whether your organisation qualified for audit exemption for reporting periods beginning on or after 1 January 2016, under the Companies Act 2006 as amended by SI 2015/980. ICAEW's Technical Advisory Service provides guidance covering: group eligibility; eligibility of UK subsidiaries; and audit exemption conditions.
Read about preparing financial statements for audit-exempt organisations, including filing requirements
Learn more about other services and forms of assurance that may be of benefit to audit-exempt organisations.
In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.
Not started yet or in need of further help? Don’t despair, ICAEW shares key resources for small practitioners on ISQM implementation to get you on your way.
Key changes, effective date and overview of the Quality Management Standards.
Steps firms can take now on their quality management journey.
ICAEW brings together a range of resources on professional judgement to help you develop your skills in approaching difficult judgements.
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on professional scepticism, fraud and error.
The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.
Professional scepticism is central to the work of auditors and yet audit regulators and others continue to express concerns that auditors are not sufficiently sceptical. This report explores what auditors and other stakeholders think about how it can be enhanced and who is responsible for it.
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on audit administration.
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
ISA 210 sets out the requirements for agreeing audit engagement terms. This guide looks at the requirements and highlights potential implementation challenges for auditors.
14 January 2020: the IAASB has issued ISA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement.
An overview of the relevant requirements, challenges and developments in risk assessment.
Applying the materiality requirements in International Standards on Auditing (ISAs) can be challenging. As highlighted in inspection findings, reviews and from experience in practice, it’s an area where improvement could be made.
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on remote team working, quality control and IT security.
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on obtaining evidence.
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This Audit and Assurance Faculty Know-How guide focuses on lessons learned from COVID-19 on the practicalities of audits conducted remotely.
This guide from ICAEW's Audit and Assurance Faculty looks at considerations for auditors when performing remote inventory audit testing.
Understanding the entity, its environment and internal controls.
What are they and how might they influence your audit of accounting estimates.
Understanding the new concept and how this can be applied.
How to identify whether any risks of material misstatement identified give rise to significant risks.
This Know-How guide from ICAEW’s Audit and Assurance Faculty covers what irregularities are, how the requirements have changed in ISA (UK) 700 (Revised January 2020), what should be reported on in the auditor’s report, and how COVID-19 may impact what is reported.
An auditor may conclude that a matter disclosed in the financial statements is so important that it is fundamental to users’ understanding of those financial statements. In this case an emphasis of matter paragraph will be included in the auditor’s report, which draws the reader’s attention to the entity’s disclosures.
This guide was developed by the Audit and Assurance Faculty with the Business Law Department in July 2020 and is based on the relevant laws and regulations that apply as at 1 July 2020.
IAASB issued a suite of revised and new auditor reporting standards (ISAs) addressing the audits of complete sets of general purpose financial statements in 2015. The changes mainly focus on increasing transparency about the audit performed. This guide outlines the key requirements for auditors.
This guide explores issues faced by UK group auditors with overseas component auditors in light of the Ukraine conflict.
This Audit and Assurance Faculty Know-How guide explores COVID-19 issues faced by UK group auditors with overseas component auditors. It offers practical considerations in relation to the work of component auditors to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions with similar requirements.
All group audits will be affected by recent Financial Reporting Council guidance on review of component auditors’ work. Geoff Swales of PwC explains the requirements of ISA (UK) 600 and outlines the work of the group engagement team.
This guide is designed to explain the main changes that are needed to the audit report of a group compared to that of a company only.
Andrew Paul considers key elements of the revised ISA (UK) 315 and how they relate to the fast-changing business landscape.
Article discusses the convergence of innovative technologies and increased client and staff expectations which is spurring notable changes within the audit profession. The Artificial Intelligence (AI) scans each document, identifies its relationship to the client engagement, and accurately files it, allowing your staff the time to focus on the more complex aspects of the audit and the client relationship
Next generation AI is set to have a profound impact on accounting, saving thousands of hours in audit time, says Shamus Rae, CEO, Engine B.
ICAEW’s new audit and technology hub highlights tech-led changes that are transforming audit, and offers resources to help firms on the journey
It is hoped that cutting-edge audit technology could help reinvigorate the auditing profession for young accountants and new graduates.
New tools are transforming the audit process. We take a look at what’s popular and what tools could soon be deployed in auditing.
As audited companies become increasingly data rich, new technologies are helping larger audit firms to hone the quality, accuracy and insight of their audits.
While still in many cases at a nascent stage, use of AI and open banking tools in small firms is spurring a democratisation of the audit market.
This Know-How guide from ICAEW’s Audit and Assurance Faculty provides some considerations for auditors when assessing the risks of fraud in relation to COVID-19 government support schemes.
The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.
The FAQs below, created by ICAEW’s Audit and Assurance Faculty, are designed to help investors and other users of audit reports to better understand the different types of audit report wordings used by auditors, and their significance. They also highlight how economic uncertainty resulting from wider external factors can impact audit reports.
This guide from ICAEW's Audit and Assurance Faculty looks at considerations for auditors when performing remote inventory audit testing.