Technical news in brief December 2023
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
FRC publishes annual review of competition in the audit market
Audit and Assurance | 14 December 2023
The Financial Reporting Council (FRC) has published an updated overview of competition in the UK’s audit market for Public Interest Entities (PIEs) revealing continuing dominance of the Big Four accounting firms.
FRC publishes inspection findings for the Tier 2 and 3 audit firms
Audit and Assurance | 13 December 2023
The Financial Reporting Council (FRC) has published its annual inspection findings for Tier 2 and Tier 3 audit firms which audit Public Interest Entities (PIEs) highlighting deficiencies in the audit of judgements and estimates and going concern.
IFAC announces plan to revise International Education Standards for Sustainability Reporting and Assurance
Audit and Assurance | 11 December 2023
The International Federation of Accountants (IFAC) has announced plans to revise the International Education Standards (IES) to bring greater focus to sustainability reporting and assurance competence to respond to the needs of investors and other stakeholders.
IAASB issues guidance for assurance practitioners when citing IFRS Accounting Standards
Audit and Assurance | 8 December 2023
The International Auditing and Assurance Standards Board (IAASB) has issued guidance to clarify how auditors or assurance practitioners should refer to the IFRS Accounting Standards in their reports.
FRC publishes report on the quality of major local audits
Audit and Assurance | 8 December 2023
The Financial Reporting Council (FRC) has published its annual report on the quality of major local audits amid delays in financial reporting and audit in the local government sector.
IAASB issues new standard for audits of Less Complex Entities
Audit and Assurance | 6 December 2023
The International Auditing and Assurance Standards Board (IAASB) has published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities effective for audits beginning on or after 15 December 2025.
FRC announces areas of supervisory focus for 2024/25
Audit and Assurance | 6 December 2023
The Financial Reporting Council (FRC) has announced its areas of supervisory focus for 2024/25 for corporate reporting reviews and audit quality inspections. The FRC will pay particular attention to climate-related risks, implementation of IFRS 17 – Insurance Contracts and cash flow statements among others.
FRC issues FRED 85 Draft amendments to FRS 101 Reduced Disclosure Framework
Financial Reporting | 5 December 2023
The Financial Reporting Council (FRC) has proposed minor amendments to FRS 101 to enable consistency with IAS 1 Presentation of Financial Statements following the 2023/24 annual review.