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.
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.
The Audit and Assurance Faculty 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.
The webinar will look at the challenges faced by internal auditors in auditing the cloud.
The FRC’s Mark Babington discusses the review of standards, which were introduced to support the implementation of new UK legislation in June 2016 addressing the requirements of the EU’s Audit Regulation and Directive.
This webinar discusses the audit topics that delegates on the Autumn roadshows were the most interested in. Using examples and case studies the session will look at the important issues of the day and give feedback on how auditors are addressing these issues.
Many people were taken by surprise when the FRC announced at the end of June of this year that it was withdrawing Practice Note 26 (Guidance on Smaller Entity Documentation).
Presented by John Selwood ACA, chartered accountant and independent training consultant, this seminar will take a fresh look at scepticism, independence and audit evidence using ICAEW’s new film, Without Question.
Learn about the risk assessment process and how you can better understand the entity by attending this Spring roadshow, presented by John Selwood ACA, chartered accountant and independent training consultant.
Learn how to deal with the divergent objectives of shareholders and management by attending this Spring roadshow, presented by Peter Herbert FCA, chartered accountant. He has a professional practice background and has 20 years’ training experience.
Presented by John Selwood ACA, chartered accountant and independent training consultant, this seminar will teach you techniques to assess the quality of audit evidence and help you understand the impact of auditor long association.
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, 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, increasing its operational efficiencies and reducing its costs. But the use of cloud computing services also poses significant risks that need to be planned for by audit committees, boards and management if they are to be handled effectively.
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 and the FRC in the UK is expected to follow suit, with ISA (UK) 540 (Revised July 2018) currently out for exposure. 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 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 internal auditors on providing assurance over robotic process automation (RPA). The ICAEW’s Internal Audit Panel outline the key risks for organisations in implementing RPA and how internal audit can mitigate these risks. ICAEW members can download more detailed guidance.
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.
Proposals to revise ISA 315 will be far-reaching, so ICAEW is urging the IAASB to take the time to get it right, says Katharine Bagshaw. She covers inherent and significant risks, IT, work on controls and ‘smaller and less complex entities’
ICAEW welcomes the opportunity to comment on the Post Implementation Review - 2016 Ethical and Auditing Standards - Call for Feedback published by the Financial Reporting Council in November 2018
ICAEW welcomes the opportunity to comment on the Statutory audit services market study update paper published by the Competition and Markets Authority on 18 December 2018
ICAEW welcomes the opportunity to provide written evidence to the Business, Energy and Industrial Strategy Committee in response to the specific questions set out in the terms of reference for its inquiry into the Future of Audit, announced on 18 November 2018
ICAEW welcomes the opportunity to comment on the Financial Instruments with Characteristics of Equity consultation paper published by IASB in June 2018.
EFRAG draft comment letter on IASB DP Financial instruments with characteristics of equity
Review of the Financial Reporting Council by Sir John Kingman - arrangements for auditor procurement and remuneration.
Initiatives taken around audit quality in 2018 and onwards have a long history, and are embedded in the work of the AQF. Most recently, the AQF has been looking at how auditors can help to improve confidence in business under the banner of ‘Helping business get it right’.
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.