Boost ethical decision-making with new ICAEW course

Continuing Professional Development (CPD) is changing. ICAEW has launched its own elearning Ethics CPD Course. It will give your ethical decision-making a boost and help you to fulfil the ethics requirement that forms part of the revised CPD obligations from 1 November 2023.

While the ICAEW Code of Ethics sets out the fundamental principles that govern the profession and UK auditors also comply with the Financial Reporting Council’s Ethical Standard for auditors, applying all of this in practice can still prove challenging.

ICAEW’s new elearning course provides 12 hours of free verifiable CPD activities divided into modules designed to help you develop confidence and competence when making ethical decisions in industry and practice – and it covers a range of specialist areas including audit.

The Ethics CPD Course allows you to study remotely and work at your own pace. Every time you complete a module, you’ll receive a certificate which counts towards your verifiable CPD hours. After completing the course, you’ll have up-to-date knowledge and a deeper understanding of ethics.

A reminder for charity auditors and independent examiners

Auditors and independent examiners have a statutory duty to report any matters of material significance to charity regulators in England and Wales, Scotland, and Northern Ireland.

Timely reporting is essential and enables regulators to gather intelligence which they use to identify the incidence of reportable matters within the sector, ensuring that public confidence and trust in charities is maintained.

Understand more about the statutory reporting duties of charity auditors and independent examiners, including what to report, expectations as to when a report is made and what changed in updated guidance that was issued by the UK regulators in April 2020.

ISQM 1: maintaining momentum

Join us for a morning reflecting on implementation of the International Standard for Quality Management (ISQM) 1, at Chartered Accountants’ Hall on 21 November 2023. 

• Hear from ICAEW’s Quality Assurance Departments and member firms about their experiences.
• Learn about resources and best practices to support your practice. 
• Take part in round-table discussions with your peers to highlight challenges encountered and how these have been overcome. 
• Explore the role of root cause analysis and how it can benefit your practice.

Learn more and book your place.

Responding to QAD follow-up actions

Most monitoring visits by ICAEW’s Quality Assurance Department (QAD) conclude without the need for follow-up action. But in some cases, reviewers identify significant issues that require further action. Learn what to do if your firm finds itself in this position, and how can you help the process go smoothly.

Routes to Audit Qualification for overseas auditors

Find out what criteria will be recognised by ICAEW for overseas auditors seeking to gain the Audit Qualification under the special entrant route.

In case you missed it

Our new audit and technology hub highlights tech-led changes that are transforming audit and offers resources to help firms on the journey. 

On 1 June 2023, an updated ICAEW disciplinary framework came into effect. There were also some consequential updates to ICAEW’s UK Audit Regulations and Guidance. 

Our new professional judgement hub brings together a range of practical support resources. 

Faculty guidance is available highlighting key implications of licensing software or other technology to clients.

Faculty webinar library

Our library of webinar recordings covers matters including:

• ISA 600: what’s changing for group and component auditors;
• implementing ISA 315 – controls and IT; 
• what makes a good audit manager; and 
• a series on auditing accounting estimates under ISA 540 (Revised), focusing on: identifying specific risks, depreciation and fixed assets, provisions, and property valuations.

Technical update

Recent International Audit and Assurance Standards Board news highlights include: 

• IAASB approval of the proposed draft International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, and plans for a public consultation; and 

• a Digital Technology Market Scan on Internet of Things technologies.  It offers an overview of the Internet of Things, focuses on networks for asset monitoring and data generation and explains developments such as Digital Twins;

Recent Financial Reporting Council news highlights include:

• revisions to proposed International Standard on Auditing (UK) 505 - External Confirmations, to reflect recent enforcement findings and modern approaches to obtaining confirmations;
• the launch of a Scalebox initiative to assist smaller firms in conducting high-quality audits of Public Interest Entity (PIEs);
• a research report on views and approaches of Audit Committee Chairs to Environmental, Social and Corporate Governance (ESG) activities and reporting; and 
• a response from the FRC  to its consultation on recently proposed amendments to the Audit Enforcement Procedure (AEP) and related guidance.

For more on developments in auditing and assurance, financial reporting and ethics, visit the Audit and Assurance Faculty’s rolling record of Technical news in brief.