ICAEW.com works better with JavaScript enabled.

Audit and reporting updates: January 2024


Published: 12 Jan 2024 Update History

Exclusive content
Access to our exclusive resources is for specific groups of students, subscribers, users and members.
Key audit areas to focus on, ways to improve audit quality, volunteering, and topical faculty webinar recordings.

Volunteer during 2024

If volunteering your time and expertise during 2024 is one of your New Year’s resolutions, ICAEW’s volunteering hub highlights various opportunities and includes a search tool to help you find roles. 

Possibilities include:

Improve audit quality

Findings in ICAEW’s Audit Monitoring Report 2022/23 offer opportunities to enhance audit quality. Key areas where the Quality Assurance Department (QAD) has identified the need for improvement or significant improvement relate to: 

  • group accounts and related audit work;
  • stock and long-term contracts;
  • valuation; and 
  • revenue.

“If you look back over previous monitoring reports, you’ll see similar sorts of issues coming up year after year because they’re the most challenging areas to audit,” says Trevor Smith, QAD Director at ICAEW. 

The 2022/23 monitoring report discusses the key issues identified in each of these areas and offers tips on things to consider and how to avoid the pitfalls. It also provides a list of questions firms should be asking themselves.

More broadly, and to drive improvement across all areas of audit, Smith urges firms to build on their implementation of the International Standard on Quality Management 1 (ISQM 1). “Firms now have a great opportunity to use all the work they’ve done to move forward.”

FRC focus areas during 2024/25

The Financial Reporting Council (FRC) has announced the areas of focus for its supervisory work during 2024/25. Its programme of audit quality inspections and corporate reporting reviews will pay particular attention to:

  • risks related to the current economic environment (such as going concern and impairment);
  • cash flow statements;
  • implementation of IFRS 17 – Insurance Contracts; and 
  • climate-related risks, including TCFD disclosures.

Stay up to date on regulatory developments from the FRC, the International Auditing and Assurance Standards Board and other standard setters with Technical news in brief from the Audit & Assurance Faculty.

In case you missed it

Recent additions to the faculty library of webinar recordings cover topics and tips for coming audits and offer reminders and pointers on ISA 315. You will also find webinar recordings on: what’s changing in group audits during 2024, what makes a good audit manager, and other topical matters.

New regulations for continuing professional development (CPD) from November 2023 and resources to assist with the transition, including a guide to CPD, and CPD learning resources, from technical helpsheets and articles to webinars and courses, on areas including audit and assurance.

A reminder from QAD on why good quality auditor cessation statements are so important, backed up with some QAD insights into good practices for auditor resignations based on what it has seen during recent monitoring activity, calls and visits to audit firms.

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.

Recommended content

ICAEW Faculty
5 white paper aeroplanes in flight, and one blue one peeling off upwards.
Join the Audit and Assurance Faculty

Stay ahead of the rest with our comprehensive package of essential guidance and technical advice.

Find out more
Audit and Assurance conference
Audit and assurance conference and webinars

The annual Audit & Assurance Conference, upcoming webinars, and recordings of past webinars to watch on demand.

hijab business woman in office
Audit in depth

In-depth guidance on completing all stages of an audit as well as how to make the decision as to whether or not an audit is required.

Find out more
Open AddCPD icon

Add Verified CPD Activity

Introducing AddCPD, a new way to record your CPD activities!

Log in to start using the AddCPD tool. Available only to ICAEW members.

Add this page to your CPD activity

Step 1 of 3
Download recorded
Download not recorded

Please download the related document if you wish to add this activity to your record

What time are you claiming for this activity?
Mandatory fields

Add this page to your CPD activity

Step 2 of 3
Mandatory field

Add activity to my record

Step 3 of 3
Mandatory field

Activity added

An error has occurred
Please try again

If the problem persists please contact our helpline on +44 (0)1908 248 250