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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

Webcast: Update on audit reform

Join Sophie Campkin and Michelle Cardwell from the Audit and Assurance Faculty as they discuss the future of audit following the publication of the three major audit reviews into audit in the UK.

Assess, Assure and Inform – a Q&A session with Sir Donald Brydon

Sir Donald was appointed by the Government to review the quality and effectiveness of audit following Sir John Kingman’s review into the Financial Reporting Council, and the CMA’s market study on the statutory audit market. Hear Sir Donald Brydon discuss his review, its key themes and what surprised him from the review process. Sir Donald also answers delegate questions in an exclusive Q&A session moderated by Audit and Assurance Faculty chair, Gilly Lord.

Future events and webinars

Technical releases

Solicitors Regulation Authority Accounts Rules Guidance for reporting accountants following the 2019 changes (TECH 03/20 AAF)

Solicitors Regulation Authority (SRA) Accounts Rules – Guidance for reporting accountants following the 2019 changes (TECH 03/20 AAF) is a Technical Release published by ICAEW’s Audit and Assurance Faculty. It provides practical guidance for accountants reporting to the SRA under the SRA Accounts Rules effective from 25 November 2019.

Latest guidance and publications

Coronavirus (COVID-19): Considerations for Group Auditors

This guide is designed for UK group auditors with component auditors based in jurisdictions impacted by Coronavirus (COVID-19). 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.

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.

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 128/19 Redmond Review on LG financial reporting and external audit in England

ICAEW welcomes the opportunity to comment on the Call for Views published on 17 September 2019 on the Independent review into the arrangements in place to support the transparency and quality of local authority financial reporting and external audit in England by the Ministry of Housing, Communities and Local Government (MHCLG) and led by Sir Tony Redmond.

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.