Technical new in brief April 2022
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
Supply chain disclosures
Financial Reporting | 29 April 2022
The Financial Reporting Council (FRC) Lab have published their first insight into current market issues looking at supply chain risks and associated reporting.
FRC’s enforcement publication policies
Audit and Assurance | 26 April 2022
The Financial Reporting Council (FRC) has made changes to its publication policies for the Audit Enforcement Procedure (AEP) and the Accountancy and Actuarial Schemes.
IFAC audit fees survey
Audit and Assurance | 25 April 2022
The International Federation of Accountants (IFAC) has published Audit Fees Survey 2022: Understanding Audit and Non-Audit Service Fees, 2013-2020. The survey looks at the cost of audit and how it compares to fees companies pay for other professional services provided by statutory auditors.
Boardrooms must do more to eradicate modern slavery
Financial Reporting | 25 April 2022
The Financial Reporting Council (FRC) has published new research with the UK Anti-Slavery Commissioner and Lancaster University which found significant shortcomings in the quality of companies’ modern slavery reporting.
IESBA future strategy
Ethics | 13 April 2022
The International Ethics Standards Board for Accountants (IESBA) has released a public survey seeking stakeholder input on the development of its Strategy and Work Plan 2024-2027. The deadline for responses is 8 July 2022.
IESBA broadens PIE definition
Ethics | 11 April 2022
The International Ethics Standards Board for Accountants (IESBA) has released a revised definition of a public interest entity (PIE) together with other revised provisions in the International Code of Ethics for Professional Accountants (the Code).
FRC plan to register auditors of PIEs
Audit and Assurance | 14 April 2022
The Financial Reporting Council (FRC) has announced a consultation to take responsibility for the registration of auditors of public interest entities (PIEs) from the recognized supervisory bodies (RSBs). The deadline for comments is 26 May 2022.
New Audit Firm Governance Code
Audit and Assurance | 13 April 2022
The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and those firms that audit FTSE 350 companies and significant numbers of public interest entities (PIEs).
PCAOB request for comment
Audit and Assurance | 12 April 2022
The Public Company Accounting Oversight Board (PCAOB) has issued a request for comment on the initial impact of new requirements for auditing accounting estimates and using the work of specialists. The deadline for comments is 10 June 2022.
UK Exposure Draft for group auditsAudit and Assurance | 8 April 2022 The Financial Reporting Council (FRC) has published an Exposure Draft of Proposed ISA (UK) 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). The deadline for comments is 8 July 2022.
Revised standard for group auditsAudit and Assurance | 7 April 2022 The International Auditing and Assurance Standards Board (IAASB) has released International Standard on Auditing (ISA) 600 (Revised). The changes aim to increase audit quality by strengthening group auditor accountability and clarifying the relationship between group and component auditors. The standard is effective for audits of group financial statements for periods beginning on or after 15 December 2023.
Auditing accounting estimates implementation toolAudit and Assurance | 5 April 2022 The International Federation of Accountants (IFAC) has released Auditing Accounting Estimates: ISA (540) Revised Implementation Tool to help auditors implement the revised standard.
FRC 3-year planAudit and Assurance | 5 April 2022 The Financial Reporting Council has published its 3 year plan setting out progress towards establishing the new Audit, Reporting and Governance Authority (ARGA).
Periodic review of UK and Ireland accounting standardsFinancial Reporting | 4 April 2022 The Financial Reporting Council (FRC) has announced a series of roundtables for stakeholders to have their say on specific topics including lease accounting, credit loss accounting and revenue accounting for preparers and revenue, leases and credit losses for users.
Retirement benefit plans proposalsFinancial Reporting | 1 April 2022 The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 82, Retirement Benefit Plans, designed to increase transparency and accountability in relation to multi-employer retirement benefit obligations. The deadline for comments is 1 August 2022.