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Technical new in brief August 2022

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

FRC report on ESG data production 

Financial Reporting | 30 August 2022 
The Financial Reporting Council (FRC) Lab has published a report on ESG data production, designed to help companies consider how to collect and use ESG data more effectively to support better decision making.  

Regulations for PIE Auditor Register 

Audit and Assurance | 18 August 2022 
The Financial Reporting Council (FRC) has published the regulations for the upcoming PIE Auditor Register. From 5 December 2022 all audit firms and responsible individuals who undertake statutory audit work for Public Interest Entities (PIEs) will need to be registered by the FRC. 

FRC publishes snapshots of current practice in auditor reporting 

Audit and Assurance | 16 August 2022 
The Financial Reporting Council (FRC) has published research into the state of auditor reporting in the UK. The series of six ‘snapshots’ provide an in-depth look at auditors’ reports including the risks identified and the responses to those risks. 

FRC publishes Key Facts and Trends in the Accountancy Profession 

Audit and Assurance | 5 August 2022
The Financial Reporting Council (FRC) has published their 20th edition of Key Facts and Trends (KFAT) report. The report provides statistical information and trends on members and students in the accountancy profession. 

Recommendations to improve digital security disclosure 

Financial Reporting | 3 August 2022 
The Financial Reporting Council (FRC) lab has published a report on digital security risk disclosure to help companies improve disclosure of digital security strategies, risk and governance. The report provides details on how to optimize disclosure for investors and includes practical examples of developing practice.  

IAASB frequently asked questions for reporting going concern in the auditor’s report 

Audit and Assurance | 1 August 2022 
The International Auditing and Assurance Standards Board (IAASB) has published a non-authoritative publication to address some of the common questions related to reporting going concern matters in the Auditor’s report.