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.
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.
Practical guidance on the audit of related party transactions in SME businesses and charities.
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.
As part of the ICAEW’s guidance on audit documentation, a common issue is how to record the review process effectively.
In March 2019, the FRC published a consultation proposing significant changes to ISA (UK) 570 designed to enhance the auditor’s work effort and reporting in respect of going concern in an audit of financial statements.
The latest news in auditing for the busy audit practitioner using practical examples and case studies.
Stay up to date on the latest policy proposal discussions in the ongoing Future of Audit debate. This event will provide attendees with knowledge of the existing UK and international frameworks for internal controls and ICAEW insights on the policy proposals. current consultations. Webinar 30 September.
Get essential updates and hear from Sir Donald Brydon as he leads one of the key inquiries, together with other notable experts on reforming audit.
Tell us what you think of the planned updates to the technical release.
Draft updates to the technical release made available to third parties for consultation.
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.
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.
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.
This guide considers seven challenges commonly faced by smaller internal audit functions and provides recommendations to help heads of internal audit establish and grow an effective function that can meet its priorities.
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.
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 19 September 2019 to a review published by the Global Institute of Internal Affairs on 20 June 2019.
A response dated 13 September 2019 to a consultation published by CMA on 18 July 2019.
A response dated 12 September 2019 to a consultation published by IAASB in April 2019.
A response dated 1 July 2019 to a consultation published by IAASB in December 2018.
A response dated 19 July 2019 to a consultation published by FRC on 01 May 2019.
A response dated 24 June 2019 to a consultation published by IESBA on 27 March 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.