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Audit & Assurance Faculty

Join the ICAEW Audit and Assurance Faculty, an internationally recognised network of professionals focused on keeping ahead of the changes to the audit and assurance landscape. Membership is open to everyone - non ICAEW members are welcome to join.

In this section

Webinar recordings

Developing an audit and assurance policy

This webinar will provide attendees with an overview of ICAEWs recommendations for developing an audit and assurance policy, based on proposals included in Brydon’s report on the quality and effectiveness of audit.

Future events and webinars

Climate risk and corporate reporting

This webinar will explore the FRC’s thematic review of climate-related considerations, in particular the report covering how companies are developing their reporting on climate-related challenges.

Climate risk in the statutory audit

This webinar will consider how auditors are taking account of climate-related risks based on the findings from FRC’s climate thematic review and also offer practical hints and tips for improving auditing in this area.

Technical releases

Solicitors Regulation Authority Accounts Rules: Accountant’s Reports for full reporting periods after 25 November 2019 (TECH 01/21 AAF)

Solicitors Regulation Authority (SRA) Accounts Rules: Accountant’s Reports for full reporting periods after 25 November 2019 (TECH 01/21 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.

Solicitors Regulation Authority Accounts Rules Guidance for reporting accountants following the 2019 changes (TECH 03/20 AAF)

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.

Guides and publications

Coronavirus (COVID-19): Considerations for group auditors

This Audit and Assurance Faculty Know-How guide explores COVID-19 issues faced by UK group auditors with overseas component auditors. It offers practical considerations in relation to the work of component auditors to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions with similar requirements.

What is an accounting estimate? Considerations for auditors

When performing audits of financial statements, it is important that you identify all relevant accounting estimates to which the requirements in ISA 540 (Revised) Auditing accounting estimates and related disclosures apply. This Audit and Assurance guide provides information and guidance on how to spot accounting estimates and not overlook the more obvious ones in your audit.

Implementing and applying ISAs (UK)

Communication with those charged with governance in an ISA (UK) audit

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.

Addressing the risk of management override in an ISA (UK) audit

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.

Audit and assurance representations

Thought leadership

Audit Quality Forum (AQF)

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.

Audit insights

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.

AuditFutures

ICAEW’s AuditFutures is an innovative and collaborative initiative, an action-research programme that uses interdisciplinary thinking, design-led processes and interactive workshops to reimagine the audit profession.

The future of audit

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.