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Audit & Beyond May 2014

Audit and Assurance Faculty newsletter articles May 2014.

Behind the scenes

Auditors of small entities need to understand the design and implementation of internal controls – even when they take a fully substantive approach to risk assessment. Hugh Morgan, Michèle Rose and Katharine Bagshaw outline how and why.

Future prospects

Accountants, analysts, investors and regulators can all benefit from assurance outside of financial statements. John Ward looks at the road ahead for the annual report with the help of key performance indicators.

John Selwood’s Q&As

This month, John tries to tackle two of the more difficult, and consequently more interesting, practical problems he has recently come across.

Reap what you sow

Audit teams are in a prime position to harvest transitional information required for the move to the new UK GAAP. David Smith suggests a proactive approach and considers some associated challenges.