Less Complex Entity audits

Sophie Campkin, ICAEW’s Technical Lead, Audit and Assurance, is joined by a panel of experts to discuss Less Complex Entity (LCE) audits.

Less complex entities: ICAEW salutes IAASB’s initiative

ICAEW welcomes the issue of a draft standard for the audit of less complex entities by the International Auditing and Assurance Standards Board as a move in the right direction.

Support SME audits with new standard for less complex entities

15 June 2020: ICAEW has added its voice to renewed calls for a separate auditing standard for ‘less complex’ entities ahead of a crucial meeting of the International Auditing and Assurance Standards Board to decide on the issue.

ICAEW calls for action on new LCE audit standard

11 December 2020: ICAEW has reiterated its appeal for the world’s auditing standard-setter to act decisively on a new audit standard for less complex entities, amid ongoing concerns that the complexity of current audit rules could hamper efforts to rebuild the global economy.

Is an audit required for a company?

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Technical helpsheet issued to help ICAEW members understand when a company requires an audit under the Companies Act 2006 and potential routes to audit exemption.

Practical considerations for auditing estimates

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This webinar will recap the main changes to ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures and will cover the latest thinking on how to efficiently and effectively apply this ISA.

ISA 315 Revised Implementation tips

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ISA 315 (Revised) Identifying and assessing risk is effective for audit of financial statements for periods beginning on or after 15 December 2021.

Material is material, but what does material mean?

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In this webinar David Gallagher addresses how to apply these principles effectively and how to record them efficiently.

Hot topics and tips for 2022 audits

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Join Peter Herbert for this webinar aimed at helping small and medium sized audit firms get ready for the 2021/22 reporting reason.

Top tips for auditing revenue

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Although the ISA (UK) requirements for auditing revenue have been largely unchanged in recent years, it remains an area where firms are regularly pulled up on QAD inspection visits. This one hour webinar will provide an insight into where problems arise and guidance on how to address them.

Audit of bank and cash in light of recent developments

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This webinar will focus on some of the key areas of difficulty faced by companies, including practical examples of the types of transaction which have typically caused problems.

Letters of support – a guide for auditors

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Frequently asked questions for auditors on letters of support. This guide from the Audit and Assurance Faculty covers considerations for auditors when deciding whether a letter of support may be relied on as audit evidence.

Preparing and auditing going concern – lessons from COVID-19

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Join Hugh Morgan, Technical Director, RSM and Ben Hamar, Associate Director, Smith & Williamson as they discuss lessons learned from COVID-19 when preparing and auditing going concern.

Practical considerations for auditing estimates

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This webinar will recap the main changes to ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures and will cover the latest thinking on how to efficiently and effectively apply this ISA.

Auditing estimates and related disclosures

ISA 540 (Revised) Auditing accounting estimates and related disclosures is effective for audits of financial statements for periods beginning on or after 15 December 2019.

A Practical Guide to Auditing Related Party Transactions

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Practical guidance on the audit of related party transactions in SME businesses and charities.

Is there a place for substantive analytical procedures?

Find out about the key practical challenges for auditors trying to answer this question, as well as what often goes wrong and how to get substantive analytical procedures right.

Data Analytics in Small & Medium Sized Practices

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This recording will provide an insight into the experiences of two medium sized audit practices when starting to use data analytics products as part of the audit processes

Data analytics - one year on

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This webinar will focus on the progress made by two medium sized audit practices one year on from the last webinar presented by Alex Peal and Lisa Leighton.

Effective file review

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As part of the ICAEW’s guidance on audit documentation, a common issue is how to record the review process effectively.

Cold file reviews and root cause analysis

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In this webinar David Gallagher, Partner at MHA MacIntyre Hudson, will share his experience of carrying out cold file reviews (for both audit and non-audit assignments).

Managing a QAD visit

Get practical advice on how to successfully manage an audit monitoring visit from ICAEW’s Quality Assurance Department (QAD).

An introduction to using electronic signatures to sign an audit report

Many auditors are working from home during the COVID-19 lockdown, and this presents logistical challenges for the signing of the auditor’s reports on financial statements.

How to report on irregularities, including fraud, in the auditor’s report – a guide for auditors

This Know-How guide from ICAEW’s Audit and Assurance Faculty covers what irregularities are, how the requirements have changed in ISA (UK) 700 (Revised January 2020), what should be reported on in the auditor’s report, and how COVID-19 may impact what is reported.

How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time

For periods commencing on or after 15 December 2019, all auditors (where ISAs (UK) apply) are required to explain in the auditor’s report the extent to which the audit was considered capable of detecting irregularities, including fraud. This guide from ICAEW’s Audit and Assurance Faculty provides practical considerations for auditors who are required to report on irregularities, including fraud, for the first time.

Improving audit quality using root cause analysis

The Audit and Assurance Faculty have created a paper offering information on how external auditors can use root cause analysis to improve the quality of their audits. They cover what RCA is and why it is becoming an important tool. The downloadable paper also covers key questions that auditors need to consider when undertaking RCA, including: when it should be completed, who should be involved and how it can be completed.