The FRC’s proposed changes to the revised Ethical Standard, audit registration, ICAEW’s new CPD regulations, faculty resources and news from the IAASB.

FRC Ethical Standard to be revised

The Financial Reporting Council is proposing revisions to the revised Ethical Standard (ES) to further enhance and clarify the principles of integrity, objectivity and independence that auditors must abide by. Auditors can learn more about the proposals in a recent ICAEW Insights article.

The FRC consultation on the proposed changes is open until 31 October 2023, with the revised ES expected to come into force from 15 December 2024.

During 2024, Audit & Beyond will look more closely at what is changing and how auditors will be affected.

Is your firm eligible for audit registration?

Audit firms are reminded of some of the issues that can mean a firm is no longer eligible for audit registration.

The Audit Registration Committee uses case studies to share some examples of issues it has seen, involving:

a director without audit affiliate status;
a small firm’s arrangements relating to voting rights; and
restructuring of a corporate practice.

When did your firm last check its eligibility status?

FACULTY EVENT: Audit evidence – what does the future hold?

Join a panel of expert speakers for a virtual Zoom webinar exploring proposed changes to International Standard on Auditing (ISA) 500, Audit Evidence.

The panel will discuss how the proposed changes may impact the confirmation process for auditors.

The event is on 27 September 2023 between 13:00-14:00 BST.

Meanwhile, a reminder of the proposed ISA 500 revisions is available from the International Auditing and Assurance Standards Board.

FACULTY EVENT: Hot topics and tips for 2024 audits

Join Peter Herbert for his annual webinar on topical issues and key changes for auditors to consider for the year ahead.

Update on audit areas for improvement during 2024, key messages for smaller practices from QAD’s annual audit monitoring report, tips for implementing new and revised auditing standards, and feedback on some of the big changes affecting audit during 2023.

The presentation will be followed by a live Q&A session when participants will have the opportunity to ask questions.

This virtual zoom webinar will take place on 13 November 2023 between 14.00-15.00 GMT.

New ICAEW CPD regulations from November 2023

From 1 November 2023, ICAEW is introducing new regulations for continuing professional development (CPD). Find out why CPD is changing, what is changing and how you will be affected.

Resources to assist include I CAEW’s CPD regulations, a guide to CPD, and CPD learning resources for professionals in various specialist areas, including audit and assurance.

In case you missed it

ICAEW has developed a free modular elearning Ethics CPD Course to help members apply its Code of Ethics and boost their ethical decision-making.

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

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

Guidance on auditing with inflation on the rise was published in 2022 and remains relevant, highlighting considerations for key areas of audit.

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; and
a series on auditing accounting estimates under ISA 540 (Revised) on identifying specific risks, depreciation and fixed assets, provisions, and property valuations.

Technical update

The International Audit and Assurance Standards Board recently made available:

resources to support understanding the IAASB’s proposed new standard, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.

Recent news from the Financial Reporting Council includes:

the 2023 report on key facts and trends in the accountancy and audit profession.

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

Auditing and reporting updates

Stay on top of recent Audit and Assurance Faculty developments, as well as recent and upcoming faculty webinars and other important events for your diary.