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Audit and Beyond June 2021

In this issue: Big changes to quality management are on the way – here’s how to get to grips with them, How ICAEW is helping ACA trainees and auditors, Change is calling, The CEOs of ICAEW and the FRC discuss proposals for audit reform, Practical pointers to improve planning and audit files, John Selwood answers questions on going concern and the pandemic and ICAEW guidance on assessing fraud risks from government COVID-19 support schemes.

Audit reform and the BEIS
Sir Jon Thompson and Michael Izza discuss aspects of the BEIS White Paper on Restoring Trust in Audit and Corporate Governance, including audit supervision, joint audit and proposals for a professional body for corporate auditors.

Audit technology
ACA trainees and auditors need to develop and maintain their practical technology skills. ICAEW can help with resources including articles, reports and webinars on data analytics, AI and ADA software.

Fraud and Covid-19 support
Auditors assessing and responding to these risks will find ICAEW guidance helpful.

Improving audit files
Andrew Paul shares pointers on improving audit quality, looking at weaknesses in planning, improving communication with management, team meetings, documenting related parties and audit sampling.

Quality management: ISQM
COVID-19 has already prompted adjustments to audit firms’ procedures. Now getting ready for ISQM 1 in December 2022 will mean more big changes for some small firms. John Selwood looks at what’s coming, including risk assessment, quality management, root cause analysis and implementation of the new standards.

John Selwood's audit corner 
John Selwood answers questions from auditors on going concern (including when auditing charities) and COVID-19 support packages in relation to UK GAAP.



Audit & Beyond June 2021

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