Audit and Assurance Faculty standing committees – Summary Terms of Reference

Audit and Assurance Faculty Board

Each board member makes a commitment to serve on the faculty board for three years, volunteering their time to attend various meetings and provide input on a range of technical work from ISA implementation to developing guidance around assurance services. The composition of the board is reviewed annually to ensure there is a fair balance of representatives from firms of all sizes.

The Board is focused on the strategy and direction of the faculty. It supports the faculty in its role as the professional and public interest voice of ICAEW in the field of audit and assurance by providing input, assistance, advice and comment on current and emerging policy issues, on faculty priorities and on faculty projects. It leads the faculty’s work on external consultations of strategic importance to the audit profession. 

We are always looking for new volunteers to join our committees. If you feel you have something to contribute, please do get in touch with Alex Russell, Head of Faculty.

• View Audit and Assurance Faculty Board members

Technical and Practical Audit Committee (TPAC)

TPAC is the faculty’s lead technical committee. It is responsible for most representations to third parties and for providing technical and practical guidance and support to ICAEW members. TPAC contributes to technical releases, guides and thought leadership essays, planning webinars and other events. It performs horizon-scanning of issues which may affect audit, helping the faculty to provide ICAEW members with guidance on a timely basis. TPAC reports to the AAF Board.  

Special Reports of Accountants Panel (SRAP)

SRAP develops practical guidance for members relating to risk management and liability issues for special reporting engagements. It assists with negotiations with government, regulators, trade bodies and others to agree the wording and details of a wide range of reporting engagements and helps with the development of practical guidance (in relation, for example, to the SAR and ATOL). The panel reports to TPAC. 

International Standards on Auditing Panel (ISA Panel)

The ISA Panel closely tracks and inputs into IAASB developments and its work programme, through engagement with IAASB Board and taskforce members, technical advisers and IAASB staff. It focuses on the development of new and proposed revisions to auditing and assurance standards and contributes to the development of ICAEW policy on relevant audit and assurance matters. The panel reports to the AAF Board.  

The US Public Company Accounting Oversight Board Panel (PCAOB Panel) 

The PCAOB Panel meets on an ad hoc basis, primarily to respond to PCAOB consultations. It reports to the AAF Board.