Event: new international standards for sustainability assurance and ethics 

At Chartered Accountants’ Hall on 3 March 2025, ICAEW will be hosting an event on new and emerging international standards for sustainability assurance and for ethics. 

Speakers from the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) will introduce: 

• the recently published International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements and Conforming and Consequential Amendments to Other IAASB Standards Arising from ISSA 5000; and 
• IESBA’s recently approved proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and related revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards).

Learn more about this ICAEW event and register.

Resources to support you in 2025

There will be plenty of changes for auditors to consider during 2025 and ICAEW resources to assist with this. 

ICAEW changes and related guidance

• UK Audit Regulations and Guidance changes effective from 1 October 2024; compliance by 1 April 2025.
• Continuing professional development – an FAQ on ICAEW CPD regulations and responsibilities placed on firms, what firms can expect from QAD monitoring visits from 1 November 2024 a year after CPD revisions became effective and our CPD resource hub. 

Implementing standards for auditing, assurance and ethics 

• ISA 600 revised – The changing nature of group audits with key revisions, good practices and insights for group and component auditors and Reminders on group audit with resource links.
• Sustainability assurance and ethics – a guide to ICAEW sustainability reporting and assurance resources, The sustainability and assurance reporting landscape – Audit & Beyond primer on new and emerging regulations, standards and support resources, and the Audit and Assurance Faculty hub of news and insights, standard-setting, helpsheets, guidance and other Sustainability assurance resources.
• 2024 Revised Ethical Standard – a webcast introducing key changes, effective from 15 December 2024.
• ISQM 1 – Progressing ISQM 1 implementation in smaller independent firms, ways to enhance ISQM 1 root cause analysis, enhancing your system of quality management and its annual evaluation, and our resource hub on Quality management in audit firms.

Other regulatory developments

• Changes to UK company size thresholds – effective 1 April 2025.

Addressing common challenges for auditors

• Practical pointers on auditing cash flow statements with insights from auditors and regulators.
• Trends in outsourcing and offshoring provides insights into key considerations and common drivers.
• Applying Professional Judgment in Audit is an ICAEW online learning tool to help auditors to better understand and exercise good professional judgment as an integral part of the audit process 

Practical topical webinars

Don’t forget to explore your library of faculty webinar recordings. Recent additions cover: 

• hot topics for 2025 audits;
• tips and common pitfalls in preparing and auditing cash flow statements; and
• practical tips for the auditor’s review of management spreadsheets.

Technical updates

The Audit and Assurance Faculty provides news from regulators and standard-setters in Technical news in brief, which can also be accessed from the Audit & Beyond hub page.