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.
2020 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.
2019 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.
2018 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.
2017 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.
The Audit and Assurance Faculty's roundup of new and updated legal and regulatory changes and guidance.
The Audit and Assurance Faculty's roundup of new and updated legal and regulatory changes and guidance.
The Audit and Assurance Faculty's roundup of new and updated legal and regulatory changes and guidance.
The Audit and Assurance Faculty's roundup of new and updated legal and regulatory changes and guidance.
This webinar will update you on the changes to ISA (UK) 570 Going Concern and help you start planning for future impacted audits.
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.
ICAEW have published an updated technical release covering the new SRA accounts rules (effective 25 November 2019).
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.
This webinar will update you on the changes to ISA (UK) 570 Going Concern and help you start planning for future impacted audits.
Gain insight into where common problems arise and how to address them.
The latest thinking on how to efficiently and effectively apply ISA 540.
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.
ATOL Reporting Accountants - Reporting to the Civil Aviation Authority (TECH 02/20 AAF) is a Technical Release published by ICAEW’s Audit and Assurance Faculty.
Assurance reports on internal controls of service organisations available to third parties (TECH 01/20 AAF) is a Technical Release published by ICAEW’s Audit and Assurance Faculty.
Guidance that provides assistance when accountants receive requests for references where there is no need to perform any work, research or investigation to produce the reference. Issued September 2001 and updated December 2019.
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.
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.
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.
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 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.
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.
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.
Accounting estimates are increasingly common in financial statements and, by their very nature, can be challenging for auditors to audit.
Auditors are required to obtain written representations from management. Written representations are primarily dealt with in ISA 580. This guide addresses auditors’ questions about what written representations are required and the complications that might arise.
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.
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.
There are many documentation requirements in International Standards on Auditing but the extent of documentation of judgement is a particularly critical area for auditors. This guide helps auditors understand why professional judgement is important and the extent to which they need to document it.
A response dated 16 March 2020 to a consultation published by PCAOB on 17 December 2019.
A response dated 11 March 2020 to a consultation published by IESBA in January 2020.
ICAEW responds on 5 March 2020 to PSAA's consultation on the scale of audit fees for 2020/21 for Opted in Local Government and Police Bodies published on 27 January 2020.
A response dated 19 December 2019 to a consultation published by DCMS on 4 November 2019.
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.
A response dated 22 November 2019 to a consultation published by NAO in August 2019.
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
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.
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.
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.