Supporting audit quality
Access practical resources on key areas of the audit to help understand auditors’ responsibilities and the requirements of International Standards on Auditing (ISAs) and support audit quality. These resources include practical support to help auditors deal with the challenges that may arise.
Corornavirus considerations for inventory audit testing
The COVID-19 outbreak has resulted in the introduction of exceptional measures including the mandatory closure of many businesses and restrictions of movement in countries around the world.
Improving audit quality using root cause analysis
With external audits under unprecedented levels of scrutiny, root cause analysis (RCA) can be a useful tool for those tasked with improving audit quality. Following feedback that there is little support for external auditors on how to carry out RCA, the Audit and Assurance Faculty has published this practical paper for its members outlining what RCA is and what auditors need to consider to make the most of this useful tool. It covers the five essential questions of: what, why, how, who and when?
Quality control in the audit environment
This publication concentrates on the ISQC (UK and Ireland) 1 requirements on quality control for firms rather than the International Standard on Auditing (ISA) (UK and Ireland) 220 requirements for individual audit engagements. It is intended to be of particular help to smaller firms, including sole practitioners and those firms with only one or two responsible individuals.
Quality control in the audit environment - international edition
This guide includes the seven key areas for firms to consider when implementing the clarified International Standard on Quality Control 1 (ISQC1), together with illustrative policies and procedures. Policies and procedures aimed at sole practitioners can be found at the end of each section. The guide will help firms determine what further practical measures they might need to take.
Data analytics for external auditors
Auditor data analytics is about enhancing audit quality. There are different angles on what this means in practice but audit quality is a common objective of auditors, regulators and standard-setters alike.
The audit of related party relationships and transactions can be a challenging area for auditors. This section contains assistance for the practical implementation of ISA 550 Related Parties.
Articles written by practitioners and ICAEW staff in the area of Quality Control.
Focus on relevance
There is a common misconception that improving audit quality costs money without any improvement to efficiency, and auditors can only become more profitable by cutting costs. However, with appropriate investment in audit, quality can drive efficiency as this article sets out.
Even the smallest audit firm might sometimes need an engagement quality control review as this article reports.
First line of defence
Reasons for a review of completed engagement (or cold file review)] range from regulatory requirements, through higher-risk jobs, to pre-planning for the next year, but they can also help audit firms identify where they can improve efficiency. You can access a Review of Completed Engagement (Cold Review)] Helpsheet for further assistance which you can find in the Helpsheets listing below.
ISQC 1 and UK Audit Regulations
Cold file reviews should go beyond basic compliance to identify areas for improving the quality and efficiency of audit. But compliance with ISQC1 and UK Audit Regulations can create confusion for some firms, as the following questions highlight.
The heat is on
So what is the difference between a Pre-completion review of the audit (hot file review) and an engagement quality control review (EQCR)? Are Pre-completion review of the audit and second partner reviews the same? When, and also why, should a formal consultation be conducted? This article seeks to answer these and other questions affecting reviews on audit quality.
This section contains practical guidance in the area of quality control and includes file reviews and whole firm reviews.
IAASB guidance, support tools and news
Guidance and support from the IAASB in the area of quality control