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.
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
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.
ISA 315 (Revised) is effective for audits of financial statements for periods beginning on or after 15 December 2021.
Restrictions in travel and local lockdowns have resulted in the rapid adoption of remote working, including remote auditing techniques. Auditors have had to adapt their approaches to fit changing risk profiles, while finding new ways of working and communicating.
In December 2019, the FRC issued major revisions to its Ethical Standard and revised Auditing standards. These changes aim to strengthen auditor independence and prevent conflicts of interest.
ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast which introduces reverse stress testing as a technique a wide range of entities could use to help make going concern assessments more robust, and to enhance risk assessments.
The event will explore going concern and resilience issues for financial reporting and audit in light of the COVID-19 crisis.
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.
ICAEW’s Audit and Assurance Faculty answers members' common practical questions about how to audit inventory given the mandatory closure of many businesses and restrictions of movement across the world.
This ICAEW Know-How article was created by the Audit and Assurance Faculty. It offers practical considerations in relation to the work of component auditors in light of coronavirus (COVID-19) to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions.
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.
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 1 September 2020 to a consultation published by Public Audit Forum on 30 June 2020.
A response dated 28 August 2020 to a consultation published by BEIS on 20 March 2020.
A response dated 3 July 2020 to a consultation published by FRC on 25 March 2020.
A response dated 2 March 2020 to a consultation published by FRC on 28 January 2020.
A response dated 15 June 2020 to a consultation published by PCAOB on 17 April 2020.
A response dated 11 June 2020 to a consultation published by EC on 20 February 2020.
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.