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Audit & Assurance Faculty

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.

In this section

Audit and Beyond

Technical updates

Webinar recordings

Does audit matter?

This short video considers the value of audit, highlights some of the current challenges and identifies areas where change might be needed.

Future events and webinars

Accounting and Audit and Assurance update Penrith

Formerly part of the Audit Essentials Roadshow, this seminar will provide a round-up of all the latest news in auditing for the busy audit practitioner using practical examples and case studies.

Technical releases

SRA Accounts Rules: Interim Guidance (TECH 16/15 AAF)

This interim guidance has been prepared for ICAEW members involved in the preparation of an accountant’s report in respect of the Solicitors Regulation Authority (SRA) Accounts Rules requirements. Note: This interim guidance has been amended to reflect changes made to the SRA Accounts Rules references.

Reporting to regulators on regulatory accounts (TECH 02-16 AAF – Revised)

Guidance which aims to promote consistency in the practices adopted in respect of regulatory reporting by independent accountants, taking into consideration the requirements of regulators. Issued in 2016 and updated in June 2019, it replaces ICAEW Technical Release Audit 05/03 Reporting to regulators of regulated entities.

Latest guidance and publications

How to audit change

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.

What is an accounting estimate? Considerations for auditors

When performing audits of financial statements, it is important that you identify all relevant accounting estimates to which the requirements in ISA 540 (Revised) Auditing accounting estimates and related disclosures apply. This Audit and Assurance guide provides information and guidance on how to spot accounting estimates and not overlook the more obvious ones in your audit.

Documenting the audit of accounting estimates under ISA 540 (Revised)

Documenting the audit of accounting estimates is important because it provides evidence that the audit complies with ISAs. ISA 540 (Revised) Auditing accounting estimates and related disclosures introduces enhanced documentation requirements and this Audit and Assurance guide provides information and guidance on what needs to be documented, and when, in your audit of accounting estimates.

Inherent risk factors in auditing accounting estimates

ISA 540 (Revised) Auditing accounting estimates and related disclosures introduces the concept of inherent risk factors and requires the auditor to consider the degree to which accounting estimates are affected by these factors in identifying and assessing the risks of material misstatement.

Auditing accounting estimates that give rise to significant risks

When performing an audit of accounting estimates under ISA 540 (Revised) Auditing accounting estimates and related disclosures, an auditor will need to use their own judgement to determine whether any risks of material misstatement identified or assessed in relation to accounting estimates give rise to a significant risk.

How to audit the cloud

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.

Implementing and applying ISAs (UK)

Communication with those charged with governance in an ISA (UK) audit

This guide outlines the requirements on communicating with those charged with governance in an ISA audit. The guide answers common questions from auditors on meeting these requirements, including: how to apply them to smaller entities and how to decide which deficiencies are significant. This guidance is particularly important for auditors applying ISA 260 (Revised) and ISA 265.

Addressing the risk of management override in an ISA (UK) audit

The term “management override” refers to the ability of management and/or those charged with governance to manipulate accounting records and prepare fraudulent financial statements by overriding these controls, even where the controls might otherwise appear to be operating effectively. This guide looks at how auditors assess the risk of management override and their response to it.

Audit and assurance representations

ICAEW REP 112/19 Internal Audit Code of Practice

ICAEW welcomes the opportunity to comment on the draft Internal Audit Code of Practice published by the Chartered Institute of Internal Auditors on 15 July 2019.

Thought leadership

Audit Quality Forum (AQF)

Since it was established in 2004, Audit Quality Forum (AQF) has encouraged open and constructive debate amongst stakeholders about how to improve audit. Find out more about the AQF’s legacy and the wealth of material produced by the AQF with the support of BEIS, ICAEW and the FRC

Audit insights

Auditors bringing their knowledge of market sectors and business issues for the benefit of wider stakeholders, and alerting practitioners to some of the issues they should consider when planning their audits.

AuditFutures

ICAEW's AuditFutures initiative engages important stakeholders in a positive debate about the evolving role of audit in society. Our goal is to develop new thinking, to inspire innovation in audit and to ensure the profession is best placed to meet key public interest commitments and obligations.

The future of audit

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.