Find out more about the Audit and Assurance Faculty and upcoming events. Faculty members can access exclusive content, including technical updates, guidance, publications, webinars and representations.
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.
A roundup of new and updated legal and regulatory changes and guidance.
The Audit and Assurance Faculty roundup of new and updated legal and regulatory changes and guidance.
ISA 540 (Revised) Auditing accounting estimates and related disclosures is effective for audits of financial statements for periods beginning on or after 15 December 2019. The revised standard is relevant for all estimates in all audits and introduces a number of key enhancements that auditors will need to get to grips with.
This update will take a fresh look at scepticism, independence and audit evidence using ICAEW’s new film, Without Question.
Explore the common issue of recording the Audit review process effectively.
Guidance for chartered accountants on assurance review engagements over historical financial statements in accordance with the International Standard on Review Engagements (ISRE) 2400 (Revised). Updated in September 2018 and March 2019, it includes a new appendix on application to the micro-entities regime.
Guidance for auditors on the audit report. Updated in May 2018, it assists auditors in managing the risk of inadvertently assuming a duty of care to third parties in relation to their audit reports.
Guidance for auditors on management representation letters. Updated in March 2018, it reminds auditors of the need to consider the reliability of written representations as audit evidence.
Guidance for auditors on FRS 102 transition. Updated in November 2017, it covers ethics and FRS 102, what the auditor should expect management to do and what the auditor needs to consider.
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.
Access resources on auditing accounting estimates to help you understand your responsibilities and deal with practical challenges. You’ll find information to help you to prepare for changes in requirements, in the light of IAASB’s revision of ISA 540.
The IAASB has issued ISA 540 (Revised) Auditing accounting estimates and related disclosures. There are some changes and new requirements in ISA 540 (Revised) that are likely to prove more challenging for auditors to implement.
Assurance maps can be a powerful tool providing great insights for boards, senior management and audit committees. Here the Audit and Assurance Faculty explores the concept of assurance maps and the benefits to various stakeholders.
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.
Guidance for internal auditors on how to provide assurance over the key risks involved in implementing robotic process automation (RPA).
This practical guide outlines the eight steps to follow to conduct a successful internal audit of culture.
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 12 March 2019 to a consultation published by IAASB on 15 November 2018.
A response dated 8 March 2019 to a consultation published by FRC on 12 December 2018.
A response dated 1 March 2019 to a consultation published by FRC on 6 December 2018.
A response dated 15 February 2019 to a consultation published by FRC in November 2018.
A response dated 23 January 2019 to a consultation published by the CMA on 18 December 2018.
A response dated 11 January 2019 to a consultation published by BEIS on 18 November 2018.
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.