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Audit & Beyond 2020

2020 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.

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December 2020

View a selection of articles and download the full magazine.

Exclusive Ensuring you’re aware of the main changes to ISA 540
  • Article
  • 02 Dec 2020
The revised ISA 540 applies to all accounting estimates. Auditors need to be aware of the main changes and ensure that documentation is adequate, says Miriam Hanley of Menzies. She looks at enhancements, practical steps and actions to take, as well as some top tips
Exclusive Extended audit reporting quality under scrutiny
  • Article
  • 02 Dec 2020
Have extended audit reports delivered on their promise? US accounting professor Miguel Minutti-Meza raises questions about their effectiveness but sees them as a first step towards enhanced auditor reporting.
Exclusive How documentation and good practice help improve audit quality
  • Article
  • 02 Dec 2020
Auditors can turn weakness into strength by identifying areas of documentation that require improvement, and taking practical pointers from examples of good practice .
Exclusive How to get the most from root cause analysis
  • Article
  • 02 Dec 2020
Root cause analysis is starting to make its way up the audit agenda. Julia Penny of JS Penny Consulting shares some insights on what’s involved and how to get the most from it, including numerous resources and practical examples to consider.
Exclusive John Selwood audit clinic
  • Article
  • 02 Dec 2020
John considers the major changes in auditing that prompt serious questions for coming year ends.
Exclusive Key Audit and Assurance Faculty resources
  • Article
  • 02 Dec 2020
A rundown of the latest resources from the Audit and Assurance Faculty, including know-how guides on auditor reporting, letters of support and thought leadership essays on the future of audit.
Exclusive Preparing for auditing in 2021
  • Article
  • 02 Dec 2020
Are auditors ready for 2021? Louise Sharp of ICAEW offers some insights into what will be coming up in audit and how to prepare.
Exclusive Remote work management calls for special skills
  • Article
  • 02 Dec 2020
Managing your team in this remote working environment poses challenges and demands new skills. Consultant trainer Isabelle Campbell shares advice on maintaining team spirit and social connection, and how to avoid the pitfalls.
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November 2020

View a selection of articles and download the full magazine.

Exclusive Auditing the auditors: the monitoring report released
  • Article
  • 05 Nov 2020
Latest audit quality monitoring reveals a quarter of files reviewed by QAD needed improvement. Its report identifies areas of concern and shares tools for improved practice.
Exclusive Avoiding threats to independence
  • Article
  • 06 Nov 2020
Providing other accounting services to audit clients raises many issues and risks. Lecturer John Selwood examines the need for extreme care and appropriate safeguards.
Exclusive Charity begins at home finding positives in a pandemic
  • Article
  • 05 Nov 2020
How has charity auditing and financial reporting been affected by COVID-19? Sudhir Singh discovers that the pandemic could lead to improved quality of the remote audit as parties.
Exclusive Meeting the challenge of remote auditing
  • Article
  • 05 Nov 2020
Travel restrictions, virtual attendance, screen sharing, scanned documents – PwC’s Geoff Swales looks at ways to manage the challenge of remote auditing in a COVID-19 world.
Exclusive Tech's impact on the delivery of audit
  • Article
  • 05 Nov 2020
How much is technology transforming the quality of audit? David Lyford-Smith shares his thoughts and looks at what reviews, reports and other resources are revealing.
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October 2020

View a selection of articles and download the full magazine.

Exclusive Auditors sailing into unchartered waters
  • Article
  • 01 Oct 2020
ICAEW manager Katharine Bagshaw looks at key concerns over how auditors can maintain professional scepticism during the 2020 reporting season.
Exclusive John Selwoods clinic on new standards for auditors
  • Article
  • 01 Oct 2020
Each month, lecturer and writer John Selwood answers ethical questions related to the Revised Ethical Standard 2019. Here, he deals with provisions available for audits of small entities.
Exclusive Maximising the benefits of reverse stress testing
  • Article
  • 01 Oct 2020
The faculty’s new online guide outlines the concept of flipping traditional stress testing on its head and explains how it can help auditors and entities of all sizes enhance their assessments.
Exclusive Solving problems of the economy's comeback following COVID-19
  • Article
  • 01 Oct 2020
Auditors and accountants have a leading role to play in the economic recovery after the pandemic. Here are links to tools and resources that will assist.
Exclusive The faraway audit
  • Article
  • 01 Oct 2020
Remote auditing has rapidly become a norm during the COVID-19 pandemic. But with the practice has come many questions. We offer answers to eight of the most pressing.
Exclusive Tracking the changes to Europes audit exemption threshold
  • Article
  • 01 Oct 2020
A 2020 cross-Europe survey updates the implementation of the 2013 Accounting Directive and identifies those countries making legislative moves.
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September 2020

View a selection of articles and download the full magazine.

Exclusive Audit reform progress towards ICAEW's five goals
  • Article
  • 03 Sep 2020
The faculty is working to achieve ICAEW’s five goals for audit reform, despite the pandemic, as Sophie Campkin and Nigel Sleigh-Johnson explain.
Exclusive Faculty guidance on audit report e-signatures
  • Article
  • 03 Sep 2020
Practical guidance for auditors on signing audit reports electronically is now available from the Audit and Assurance Faculty and ICAEW’s Business Law Department.
Exclusive Guidance for Independent Examiners working on charity accounts
  • Article
  • 03 Sep 2020
What do Independent Examiners need to consider when looking at charity accounts? Andrew Paul offers some useful tips.
Exclusive Helping stakeholders understand impact of climate change
  • Article
  • 03 Sep 2020
Stakeholders want information that enables them to assess the effects of climate risks on the business. Auditors and other accountants have key roles to play.
Exclusive John Selwood audit clinic
  • Article
  • 03 Sep 2020
John considers some key questions for auditors on going concern.
Exclusive Proposals to change development of auditing standards
  • Article
  • 03 Sep 2020
Katharine Bagshaw explains how new proposals will affect audit standard setting and quality.
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July / August 2020

View a selection of articles and download the full magazine.

Exclusive Important reporting updates for charity auditors
  • Article
  • 30 Jun 2020
Updated guidance on reporting duties for charity auditors and independent examiners has been issued that requires prompt action.
Exclusive Interview with FRC chief Sir Jon Thompson
  • Article
  • 30 Jun 2020
The Financial Reporting Council’s Chief Executive Sir Jon Thompson talks to Nigel Sleigh-Johnson and Sally Baker about reform.
Exclusive John Selwood's audit clinic
  • Article
  • 01 Jul 2020
John looks at the FRC’s Revised Ethical Standard and answers questions for and from auditors.
Exclusive The challenge for auditors of implementing ISA 540
  • Article
  • 15 Jul 2020
Effectively implementing the revised ISA 540 requires careful thinking, planning, training, coaching and guidance explains John Selwood.
Exclusive Your COVID-19 questions answered
  • Article
  • 01 Jul 2020
The Technical Advisory Service highlights the questions practitioners have asked the most about COVID-19.
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June 2020

View a selection of articles and download the full magazine.

Exclusive Finding answers to the difficulties of auditing revenue
  • Article
  • 04 Jun 2020
Overcome some of the challenges around auditing revenue with expert insights and tips from Peter Herbert.
Exclusive Helping auditors through COVID19
  • Article
  • 04 Jun 2020
Resources available through ICAEW's coronavirus hub can support auditors with a host of technical and practical challenges.
Exclusive How COVID19 is taking audit online
  • Article
  • 08 Jun 2020
How auditors use technology to communicate, collaborate and conduct audits has evolved in response to COVID-19. Faculty members share experiences and insights with Lesley Meall.
Exclusive John Selwood audit clinic
  • Article
  • 08 Jun 2020
John tackles some topical questions from auditors on accounting for COVID-19-related government aid.
Keep yourself up to date with the newest Technical Releases
  • Article
  • 04 Jun 2020
Stay up to date on assurance and reporting developments with our latest Technical Releases.
Exclusive Keeping on track with audit developments
  • Article
  • 08 Jun 2020
ICAEW is continuing its work on key developments affecting audit, assurance and reporting.
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May 2020

View a selection of articles and download the full magazine.

Exclusive Being prepared with your public indemnity insurance
  • Article
  • 06 May 2020
Ensure that your professional indemnity insurance cover is complete and renew early.
Exclusive Follow the ICAEW Code of Ethics and do the right thing
  • Article
  • 06 May 2020
We've got answers to your questions on the latest ICAEW Code of Ethics.
Exclusive Is enhancing audit quality and improving its effectiveness worth the wait?
  • Article
  • 06 May 2020
Audit data analytics can enable firms to enhance audit quality and improve their effectiveness with efficiency. But achieving this can be a long, slow process, says Lesley Meall.
Exclusive John Selwood audit clinic
  • Article
  • 04 May 2020
This month's surgery tackles questions about COVID-19.
Exclusive Tackling Covid-19
  • Article
  • 06 May 2020
ICAEW is providing practical advice and support for members and their clients. Here is a detailed list of sources for you to use during these times.
Exclusive The eight key areas that need to be reassessed in internal audit
  • Article
  • 06 May 2020
ICAEW’s Internal Audit Panel has said that it may be time for internal audit to reassess assurance needs in some key areas.
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April 2020

View a selection of articles and download the full magazine.

Exclusive A view of whats ahead for auditors this year and beyond
  • Article
  • 08 Apr 2020
A recent gathering of training providers offers insights into what’s on the horizon for auditors, says Louise Sharp.
Exclusive Digging deep into culture and behaviour to tackle fraud
  • Article
  • 08 Apr 2020
Focusing on culture and behaviour may help auditors to identify fraudulent financial reporting says, Michelle Cardwell.
Exclusive Guaranteeing an assured performance with TECH 01/20
  • Article
  • 06 Apr 2020
It’s all change for the guidance on assuring service organisations’ internal control procedures. Discovers what’s new in Technical Release 01/20.
Exclusive John Selwood audit clinic
  • Article
  • 08 Apr 2020
Answers to questions on 2019 revisions to ISAs (UK) affecting all audits and all auditor's reports.
Exclusive Meeting disclosures demands with s172 statements
  • Article
  • 08 Apr 2020
Chris Skinner explores the shift in expectations around disclosure of capital allocation and dividend policy.
Exclusive Room to improve on common audit weaknesses
  • Article
  • 06 Apr 2020
A summary of which areas of weakness are most common when reviewing audit files.
Exclusive Stay up to date on the SRA Accounts Rules
  • Article
  • 06 Apr 2020
Update your knowledge and understanding of the SRA Accounts Rules with our new Technical Release.
Exclusive The moving parts of non-audit assurance engagements
  • Article
  • 06 Apr 2020
There's a lot to consider when scoping non-audit assurance engagements. John Ward explores the main elements.
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March 2020

View a selection of articles and download the full magazine.

Exclusive Brydon – Q&A on the future of audit
  • Article
  • 04 Mar 2020
Sir Donald Brydon fielded some searching questions during the faculty's exclusive Q&A on his recommendations for the future of audit.
Exclusive Developments in auditing
  • Article
  • 04 Mar 2020
As National Head of Audit at Baldwins, Carol Warburton wants to imbue a real enthusiasm to embrace change in her staff.
Exclusive How to successfully audit related parties
  • Article
  • 04 Mar 2020
Related party audits can be problematic, here’s how to avoid the pitfalls.
Exclusive Internal audit can assist project managers
  • Article
  • 04 Mar 2020
How internal audit can help project managers to successfully implement new approaches.
Exclusive John Selwood audit clinic
  • Article
  • 16 Mar 2020
The focus is on audit evidence in this set of questions and answers.
Exclusive Quality auditing standards
  • Article
  • 04 Mar 2020
Fresh thinking around auditing standards could raise audit quality, says Katharine Bagshaw.
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February 2020

View a selection of articles and download the full magazine.

Exclusive Getting to grip with the growth of cryptocurrency
  • Article
  • 03 Feb 2020
The growing popularity of cryptocurrencies means auditors need new skills and knowledge in that area, says David Lyford-Smith.
Exclusive Group Audits we can help
  • Article
  • 03 Feb 2020
ICAEW support materials can help firms improve the quality of their work in this key area.
Exclusive John Selwood audit clinic
  • Article
  • 03 Feb 2020
Answers to questions on the revised UK ISA about going concern dominate this month's surgery.
Exclusive Lighting the way for ethics and auditing standards
  • Article
  • 03 Feb 2020
The Financial Reporting Council has issued a major revision to its ethical standards. Mark Babington, the FRC's acting director, UK auditing standards and competition, outlines what has changed.
Exclusive Reshaping audit with the Brydon report
  • Article
  • 03 Feb 2020
Recommendations from the Brydon report will help to redefine the direction of the future of audit. Sophie Campkin offers an overview.
Exclusive Standard destinations
  • Article
  • 27 Feb 2020
Mark Babington outlines the Financial Reporting Council’s changes to UK auditing standards.
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