ICAEW.com works better with JavaScript enabled.

Audit and Beyond March 2021

In this issue: We look at Practical pointers and faculty guidance to assist with difficult judgements. How hot and cold file reviews can enhance audit quality and effectiveness. The ICAEW audit and assurance resources for the public sector we go public. What constitutes sufficient appropriate audit evidence of going concern? Issues to consider. Reasons for auditors to explore this emerging technology and John answers questions on changes to standards for audit, ethics and quality management.

Determining materiality in a pandemic
Setting audit materiality during the coronavirus crisis can be challenging, with considerations including alternative benchmarks, evaluation of misstatements and increased risk of fraud.

Hot and cold file reviews for high audit standards
File reviews can highlight opportunities to enhance audit quality and effectiveness, particularly when conducted by external reviewers and/or combined with root cause analysis. Auditors share insights and practical tips on how to get the most from them.

Public sector audit and assurance
Members working in or with the public sector will find ICAEW’s specialist resources more valuable than ever in the pandemic.

Letters of support
Auditors’ judgements on promises of financial support may be easier to make with the assistance of faculty guidance.

Blockchain trends
Blockchain technology offers continuous, real-time accounting, makes fraud more difficult and will be a valuable tool for all stakeholders. Alexis Nicolau argues its importance for the audit profession and its future.

John Selwood’s audit corner
John tackles questions from auditors as they adjust to recent and proposed changes relating to sample sizes, inherent risk, OEPIs and quality management.



Audit & Beyond March 2021

Download a PDF copy of the entire Audit & Beyond March 2021 edition.

Download the pdf