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Audit and Beyond November 2021

In this issue: We look at audit uncertainty, how well does your audit documentation reflect pandemic impacts? ICAEW responds to proposals for reforming local authority audits. How will the move to international standards on quality management affect audit firms? The faculty is at hand to help with the updated illustrative audit reports. A cultural revolution why shared beliefs and behaviours are important for strong teams and high-quality audits and as always John Selwood is here to answer questions in his question corner.

How auditing should reflect the pandemic
Audit files need to reflect the challenges and uncertainties of the pandemic. Peter Herbert suggests key areas of focus, including impairment, materiality, letters of support, COVID-19 support schemes, information produced by the entity and professional scepticism.

Views on local audit reform
More must be done to improve the quality of local authority financial reporting and audit.

International quality management standards what you need to know now
All firms are affected by the new quality management standards. David Smith and Gill Spaul share practical tips to helps with preparations.

Insights on key changes to deliverables
A guide to the updated illustrative auditor’s reports available from the faculty and the FRC, including material uncertainty and going concern.

The importance of audit firm culture
Shaping and strengthening organisational culture can have a positive impact on audit quality. The FRC shares some helpful ideas and examples of good practice relating to people and processes.

Question corner
John Selwood says considerations relating to support from group companies are presenting auditors with plenty to think about, and outlines guides available from ICAEW on letters of support and going concern.


Audit & Beyond November 2021

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