ICAEW.com works better with JavaScript enabled.

Audit & Beyond 2021

2021 editions of Audit & Beyond. The monthly magazine from the ICAEW Audit and Assurance Faculty.

Contents
Back to top

December 2021

View a selection of articles and download the full magazine.

Exclusive Focusing on audit completion
  • Article
  • 02 Dec 2021
In the third of a series of articles on improving audit files, Technical Consultant Andrew Paul considers ways to maintain standards in the final stages.
Exclusive John Selwood’s Question Corner
  • Article
  • 02 Dec 2021
John Selwood helps to unpick the problematic issue of eligibility for audit exemption.
Exclusive Shining a spotlight on independent examinations of charity accounts
  • Article
  • 02 Dec 2021
We take a look at what ICAEW’s Quality Assurance reviewers are interested in when reviewing IE reports and gain insights on pitfalls and how to avoid them.
Exclusive The implications of digital assets for the accountancy profession
  • Article
  • 02 Dec 2021
Accountants are increasingly encountering cryptocurrency and other cryptoassets, and ICAEW is supporting them on this, says Lesley Meall.
Exclusive Themes of trust and transformation at the Financial Reporting, Audit and Assurance Conference
  • Article
  • 02 Dec 2021
Even if you were unable to attend the ICAEW Audit and Assurance Faculty’s recent virtual conference, you can benefit from the session recordings.
Exclusive What does the FRC mean by good-quality audit?
  • Article
  • 02 Dec 2021
A new paper from the Financial Reporting Council sets out the elements and practices that are key to conducting a good audit.
View full issue

November 2021

View a selection of articles and download the full magazine.

Exclusive How auditing should reflect the pandemic
  • Article
  • 08 Nov 2021
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.
Exclusive Insights on key changes to deliverables
  • Article
  • 08 Nov 2021
A guide to the updated illustrative auditor’s reports available from the faculty and the FRC, including material uncertainty and going concern.
International quality management standards – what you need to know now
  • Article
  • 08 Nov 2021
All audit firms are affected by the new quality management standards. David Smith and Gill Spaul share practical tips to help with preparations.
Exclusive Question corner
  • Article
  • 08 Nov 2021
John Selwood says considerations relating to support from group companies are presenting auditors with plenty to think about.
Exclusive The importance of audit firm culture
  • Article
  • 08 Nov 2021
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.
Exclusive Views on local audit reform and the Redmond Review
  • Article
  • 08 Nov 2021
More must be done to improve the quality of local authority financial reporting and audit.
View full issue

October 2021

View a selection of articles and download the full magazine.

Exclusive Auditing Less Complex Entities
  • Article
  • 04 Oct 2021
ICAEW welcomes IAASB’s initiative and the timely development of a new standard for auditing less complex entities, hopefully reducing the risk of jurisdictional divergence.
Exclusive Climate change and financial statements
  • Article
  • 04 Oct 2021
Auditors increasingly need to consider how climate risks such as weather events, and the challenges of transitioning to net-zero, may have an impact on financial statements. Lesley Meall shares some key thoughts and tips from auditors, regulators, standard-setters and ICAEW.
Exclusive Credit ratings and COVID-19
  • Article
  • 04 Oct 2021
Credit referencing and ratings are being influenced by pandemic-related factors, giving SME companies and their auditors plenty to think about. Both financial statements and predictive data are used, but are audit reports being interpreted correctly?
Exclusive Fraud and audit
  • Article
  • 04 Oct 2021
Following the Brydon review of audit, and recent and forthcoming revisions to auditing standards on fraud, including ISA (UK) 240, there are key changes regarding auditor responsibility and scepticism, risk assessment, responses to risk and evaluation of evidence, and communication to management.
Exclusive ICAEW Audit Registration Committee concerns
  • Article
  • 04 Oct 2021
A look at some of the issues that are coming before the Audit Registration Committee Evidence, scepticism, ethical standards, annual returns, independence and commitment to improve all come under examination.
Exclusive Improving audit quality
  • Article
  • 04 Oct 2021
There are many ways of raising and sustaining audit quality and many ICAEW resources to help firms on their journey, including guidance on ICAEW Quality Assurance, root cause analysis, case studies, monitoring reports and training films.
Exclusive John Selwoods question corner
  • Article
  • 04 Oct 2021
As we head into the next busy season for auditors, John Selwood considers your recent questions on going concern and offers some helpful tips.
View full issue

September 2021

View a selection of articles and download the full magazine.

Exclusive A journey towards proactive and adaptable quality management
  • Article
  • 02 Sep 2021
The Audit and Assurance Faculty is planning a programme of activities to support members as they approach first-time implementation of newly designed compliant systems.
An inside look at the Financial Reporting Audit and Assurance Conference
  • Article
  • 02 Sep 2021
Featuring a keynote from FRC Chief Executive Sir Jon Thompson, this online conference will explore how reporting and audit are transforming to strengthen trust and to help build a more sustainable future. See what’s happening across the two-day event here.
Exclusive How to apply the revised ISA (UK) 540
  • Article
  • 02 Sep 2021
The revised ISA (UK) 540 is now effective. From risk assessment to professional scepticism, Simon Kettlewell shares some practical tips on its application.
Exclusive John Selwoods question corner
  • Article
  • 02 Sep 2021
John Selwood considers some questions on COVID-19 government grant fraud.
Exclusive Preparing for changes to ISA 540 and ISA (UK) 540
  • Article
  • 06 Sep 2021
Auditors can access various types of practical support material to assist with ISA 540 implementation. Here’s a guide to some useful resources
Exclusive Reforming audit and corporate governance
  • Article
  • 06 Sep 2021
The Audit and Assurance Faculty highlights some key points and its role in ICAEW’s response to the UK government proposals.
Exclusive The importance of fieldwork
  • Article
  • 06 Sep 2021
Andrew Paul focuses on the fieldwork stage of assignments in the second part of his series on improving audit files.
View full issue

July / August 2021

View a selection of articles and download the full magazine.

Exclusive How to get the most out of technology in audit
  • Article
  • 30 Jun 2021
Technology has the power to enhance audit quality and efficiency. Lesley Meall explains the risks and explores some of the possibilities with the greatest potential.
Exclusive How to improve audits with project management
  • Article
  • 30 Jun 2021
Claire Brennan shares the importance of audit project management and some tips on how to get it right.
Exclusive John Selwood's question corner
  • Article
  • 05 Jul 2021
John Selwood addresses some queries on the Ethical Standard and on non-audit assurance engagements.
Exclusive Question corner
  • Article
  • 01 Jul 2021
John Selwood addresses some queries on the Ethical Standard and on non-audit assurance engagements.
Exclusive Revised ISA 315 Key steps for implementing the new requirements
  • Article
  • 01 Jul 2021
The auditor’s risk identification and assessment process is changing. Alex Russell outlines how to put the enhancements in the revised ISA 315 into practice.
Exclusive UK audit reform an update on proposals
  • Article
  • 01 Jul 2021
Stay up to date on proposals to reform audit and corporate governance in the UK.
Exclusive What is re-entry syndrome?
  • Article
  • 30 Jun 2021
As lockdown eases, ICAEW offers expert insights to help auditors avoid ‘re-entry syndrome’ and get to grips with the new post-pandemic workplace.
View full issue

June 2021

View a selection of articles and download the full magazine.

Exclusive Audit reform and the BEIS
  • Article
  • 27 May 2021
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.
Exclusive Audit technology
  • Article
  • 27 May 2021
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.
Exclusive Fraud and COVID-19 support
  • Article
  • 27 May 2021
Government support schemes related to COVID-19, including the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) and the Bounce Back Loan Scheme (BBLS) will contribute to heightened fraud risks in many entities. Auditors assessing and responding to these risks will find ICAEW guidance helpful.
Exclusive Improving audit files
  • Article
  • 27 May 2021
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 1
  • Article
  • 27 May 2021
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.
Exclusive John Selwood’s Question Corner
  • Article
  • 27 May 2021
John Selwood answers questions from auditors on going concern (including when auditing charities) and COVID-19 support packages in relation to UK GAAP.
View full issue

May 2021

View a selection of articles and download the full magazine.

Exclusive Assessing payment and e-money firm compliance
  • Article
  • 05 May 2021
Now that the FCA has strengthened its safeguarding regime, auditors have a lot to consider when providing reports for payment and e-money firms. John Mongelard answers your questions.
How to improve audit quality with root cause analysis
  • Article
  • 05 May 2021
Miriam Hanley reveals why identifying the problem is the first step to delivering continuous improvements and progress in audit quality.
Exclusive John Selwood’s Question Corner
  • Article
  • 05 May 2021
John Selwood considers some big issues affecting all auditors and audits.
Exclusive Raising the bar on audit quality
  • Article
  • 05 May 2021
As we take on the challenge of rebuilding a post-pandemic economy, it is also time to consider new ways to improve audit quality. Alex Russell takes a closer look at the key messages in a new faculty publication.
Exclusive The future of corporate governance
  • Article
  • 05 May 2021
The UK government’s proposed reforms to corporate governance and audit are long overdue – but they are opening up a rare opportunity for genuine and long-lasting changes. Here’s why.
Exclusive The importance of detecting fraud
  • Article
  • 05 May 2021
As standard-setters move forward with initiatives around fraud and going concern, Katharine Bagshaw looks into the concerns and proposed reforms – and shares some ICAEW perspectives on progress.
View full issue

April 2021

View a selection of articles and download the full magazine.

Exclusive Brexit-related risk
  • Article
  • 31 Mar 2021
The effect of Brexit and COVID-19 on imports and exports, the location of staff, increased risks around fraud and estimate and forecast accuracy all affect auditing. Faculty resources are a valuable asset in understanding the problems.
Exclusive Improving audit and assurance
  • Article
  • 31 Mar 2021
Sir Donald Brydon has reviewed the quality and effectiveness of audit, recommending a three-year rolling audit and assurance policy, and ICAEW is examining how to implement his ideas. Carolyn Clarke reports on the plans.
Exclusive John Selwood question corner
  • Article
  • 31 Mar 2021
John Selwood focuses on some of the many questions around audit reports, going concern and COVID-19 issues.
Exclusive Surviving audit busy season
  • Article
  • 01 Apr 2021
Isabelle Campbell shares tips on staying positive under the pressure of the year-end period. Plus a round-up of wellbeing resources from CABA and ICAEW.
Exclusive The importance of internal audit
  • Article
  • 31 Mar 2021
Abigail Harper assesses the part internal audit plays in internal control and risk management, as it performs a health check on processes and procedures.
Exclusive Topics and tips for 2021 audits
  • Article
  • 31 Mar 2021
Peter Herbert gives tips for auditors on handling revisions to international auditing standards (ISAs) on going concern and accounting estimates, new ethical standard requirements on long association, new advice on reporting on irregularities and, of course, the effects of COVID-19.
View full issue

March 2021

View a selection of articles and download the full magazine.

Exclusive Blockchain trends
  • Article
  • 03 Mar 2021
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.
Exclusive Determining materiality in a pandemic
  • Article
  • 03 Mar 2021
Setting audit materiality during the coronavirus crisis can be challenging, with considerations including alternative benchmarks, evaluation of misstatements and increased risk of fraud. Louise Sharp, Technical Manager at the Audit and Assurance Faculty, offers pointers and introduces the new faculty guidance.
Exclusive Hot and cold file reviews for high audit standards
  • Article
  • 03 Mar 2021
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.
Exclusive John Selwood's question corner
  • Article
  • 04 Mar 2021
John tackles questions from auditors as they adjust to recent and proposed changes relating to sample sizes, inherent risk, OEPIs and quality management.
Exclusive Letters of support
  • Article
  • 03 Mar 2021
Auditors’ judgements on promises of financial support may be easier to make with the assistance of faculty guidance.
Exclusive Public sector audit and assurance
  • Article
  • 03 Mar 2021
Members working in or with the public sector will find ICAEW’s specialist resources more valuable than ever in the pandemic.
View full issue

February 2021

View a selection of articles and download the full magazine.

A new approach to risk assessment
  • Article
  • 03 Feb 2021
Alex Russell, Technical Manager, Audit Practice & Regulation at the Audit & Assurance Faculty explains why auditors will need to start thinking about risk differently.
Exclusive Building a modern audit profession
  • Article
  • 03 Feb 2021
A timely report from the ICAEW-hosted AuditFutures initiative offers principles for building a modern audit profession, demonstrating positive thinking about what lies ahead for audit and its wider role in the economy and society.
Exclusive Exploring Solicitors Regulation Authority Accounts Rules
  • Article
  • 03 Feb 2021
Reporting accountants may benefit from reviewing their approach to Solicitors Regulation Authority Accounts Rules assignments. Sally Hutchings, Technical Editor of Mercia’s SRA Accounts Rules manual, covers risk assessments, key tests and controls, efficiency and places you can find guidance and support.
Exclusive Going concern and resilience: lessons learned from COVID-19
  • Article
  • 03 Feb 2021
In October 2020 the Audit and Assurance Faculty held its first global, virtual, cross-faculty event, Going concern and resilience: lessons learned from COVID-19. It offered answers to some of the big audit and financial reporting questions that auditors and preparers will be considering over the coming months.
Exclusive John Selwood's question corner
  • Article
  • 03 Feb 2021
John takes a close look at revised standards, including the Revised Ethical Standard 2019 and ISA (UK) 570.
Exclusive Why an auditing standard for less complex entities is needed
  • Article
  • 03 Feb 2021
Katharine Bagshaw, Technical Manager, Auditing Standards, says an auditing standard must be prioritised, and fast.
View full issue

Access the full back catalogue

Can't find what you're looking for? View our full collection of Audit & Beyond from 2005 onwards in our digital archive. 

Already a member? Login Join the Faculty