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Closing the gap

Audit & Beyond pulls together everything you ever wanted to know about the new UK GAAP – well, almost everything.

The introduction of new generally accepted accounting principles (GAAP) in the UK creates some significant issues for affected auditors and audit entities. As a result, the Audit and Assurance Faculty is not the only part of ICAEW with practical resources that could help with the transition.

On these two pages, Audit & Beyond offers an overview of ICAEW resources on the new UK GAAP, so that auditors can more easily find out what’s available and where. New material is continually being added to icaew.com by this faculty, other faculties and by technical enquiries; some listed resources are available only to members of certain faculties, subscribers to Faculties Online or to ICAEW members and ACA students.

Guidance specifically for auditors is available in Technical Release TECH 13/14AAF Issues for auditors arising from the implementation of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and a summary document FRS 102 implementation issues for auditors – a call to action. TECH 13/14AAF is a lengthy document that details many of the implications for auditors and offers practical help and guidance; the call to action offers a high level overview of the TR; neither document is a substitute for reading FRS 102.

The faculty webinar, Faculty roadshow follow up – Problems auditing the new UK GAAP also offers practical guidance on challenges including: the ethics of providing non-audit services;services; new FRS 102 recognition and measurement requirements; and the potential for controversial management decisions and need for auditors to document and demonstrate evidence of challenge and the exercise of professional scepticism (something the next issue of Audit & Beyond will cover).

This is an extract from an article in the December 2015 / January 2016 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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