Articles & features
UK company size thresholds to rise
- 19 Mar 2024
- ICAEW Insights
The monetary thresholds that determine company size are being raised by 50% as part of a drive to cut complexity and burden from legislative reporting requirements.
Audit fees rise by 75% since 2017
- 05 Mar 2024
- ICAEW Insights
Availability of auditors, the complexity of financial reporting and auditing standards, and fewer auditors entering the profession among reasons cited.
Risk alert for new audit tenders
- 16 Sep 2022
As ICAEW registered auditors will be aware, in response to changes in the audit market, the growth of challenger firms and some more complex audits moving away from the largest audit firms, we have increased our activities to monitor the audits undertaken across firms registered for audit with ICAEW.
ICAEW submission to BEIS initial consultation on the CMAs Market Study of the statutory audit market
- 25 Sep 2019
The Competition and Markets Authority (CMA) launched a formal Market Study into the statutory audit sector in October 2018.
Shared and joint audits: are two auditors better than one?
- 10 Sep 2019
Governments and regulators are considering whether to mandate shared or joint audits in an attempt to increase audit quality, competition and choice.
ETHICS
FEE Audit Policy FAQs
- 17 Feb 2017
- PDF (298kb)
Frequently asked questions from Accountancy Europeon on FEE Audit Policy, from a European perspective.
LONDON
Getting it right on rotation
- 27 Apr 2015
- Jane Titley
Audit partners and firms need to be on top of the latest rules on rotation.
Guidance
CHARITABLE TRUSTS
EU audit reforms: analysing different impacts in the UK and Italy
- Report
- Jun 2021
- PDF (666kb)
The overarching conclusion of this report is that, after several successive EU Directives, the process of harmonisation remains difficult to achieve because of the differences that characterise European countries.
Audit quality – how to raise the bar
- Thought leadership report
- Mar 2021
- PDF (847kb)
What steps can and should audit committees, audit regulators, investors and auditors in the UK take to improve audit quality? This essay from the Audit and Assurance Faculty examines audit quality in terms of ownership, behavioural aspects, and structural drivers.
AUDIT AND ASSURANCE FACULTY
Financial Reporting - who does what
- Thought leadership report
- Mar 2019
- PDF (893kb)
This overview explains in simple terms who does what in the financial reporting system for UK companies with full main market listings, providing context for the current inquiry into audit, including the Brydon, Kingman, CMA and BEIS reviews.
PUBLIC POLICY
Procurement: Tendering for local public audit
- Report
- Mar 2018
- PDF (1,890kb)
This special report has been written to support local public bodies when they are in the process of tendering for external audit services under the Local Audit and Accountability Act 2014.
PUBLIC POLICY
Procurement: Tendering for local audit
- Report
- Mar 2018
This special report has been written to support local public bodies when they are in the process of tendering for external audit services under the Local Audit and Accountability Act 2014.
FINANCIAL SERVICES FACULTY
Audit of Banks - 5 years on: inspiring confidence in financial services initiative
- Report
- Dec 2015
- PDF (727kb)
Five years on from the publication of Audit of banks: lessons from the crisis this report summarises the most important legislative and regulatory changes that have taken place over the last 5 years around bank audit and assesses the on-going need for continuous improvement to maintain and enhance the quality and relevance of audit.
How does joint provision of audit and non-audit services affect audit quality and independence? A review
- Report
- May 2014
- PDF (681kb)
The primary aim of this report is to analyse changes in recent years in the market for the provision of non-audit services (NAS), with a particular focus on the joint provision of audit and non-audit services and the potential effects on independence and the quality of audit.
CORPORATE GOVERNANCE
The buck stops here? New challenges for audit committees
- Report
- Oct 2011
- PDF (1,068kb)
An analysis of audit committee reporting
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please note that ICSA publications are only available to ICAEW members and ACA students. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com
Exclusive
Audit
- eBook chapter
- 2016
- Douglas Armour
- ICSA Publishing
- Company Secretarys Handbook
An authoritative guide to company secretarial practice. Detailed commentary is accompanied by over 80 precedents. Chapter 11 of the handbook looks at audit, including auditor rotation and audit tenders.
Exclusive
Audits, accounts and financial statements
- eBook chapter
- 2017
- ICSA Publishing
- ICSA Publishing
- The ICSA Corporate Governance Handbook
Chapter 7 gives details of the purpose of audit and the auditor's duty of care. The role of the audit committee is dealt with in detail, including audit tendering and internal control and risk management.
Exclusive
Changing auditors
- eBook
- 2013
- Mike Metcalf
- ICSA Publishing
Provides an explanation of the statutory rules on auditor appointment, the termination of the old auditor’s appointment, and professional and contractual matters.
Exclusive
Count down: the past present and uncertain future of the big four accounting firms (2nd edition)
- eBook
- 2017
- Jim Peterson
- Emerald Publishing
This title looks at 'the questionable value and the uncertain viability of Big Audit— the business, regulatory and legal model by which audit services are delivered to the world's largest companies by the surviving global accounting networks: the Big Four - Deloitte, EY, KPMG and PwC'. It looks at the current state of 'Big Audit' and the future of these firms.
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You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Industry press
The Library & Information Service provides a collection of articles as a benefit of membership. Please log in to view these articles. If you are unable to access the articles, please see our Help and support page or contact library@icaew.com.
Exclusive
The impact of the auditor selection process and audit committee appointment power on investment recommendations
- Jan 2018
- Anna Gold | Patrick Klynsmit | Philip Wallage | Arnold M.Wright
- American Accounting Association
- Auditing - A Journal of Practice and Theory
This experimental study involving 118 investment professionals looks at the impact of both the auditor selection process and the audit committee's appointment power on investment recommendations.
Exclusive
Audit tendering in the UK: a review of stakeholders' views
- Mar 2017
- Amir Allan, Noha Ghattas, Amr Kotb, Mohamed Khaled Eldady
- Wiley-Blackwell
- International Journal of Auditing
This study reports the results of a content analysis of the comment letters sent to the UK Financial Reporting Council (FRC) in response to its consultation document on the 2012 revisions of the UK Corporate Governance Code, concerning the proposal for mandatory audit tendering.
Exclusive
Audit tenders
- Jul 2016
- David Young
- Wolters Kluwer UK
- Accountancy
The article discusses developments in the statutory audit services market, particularly in Great Britain, as of July 2016. Also cited are the changes to the Corporate Governance Code in the country, the 2014 Audit Regulation & Directive (ARD) issued by the European Union (EU), the guidance on how to best manage an audit tender, and the factors that affect the selection of audit firms like commercial confidentiality.
Please contact the library to be supplied with a copy of this article.
Exclusive
All they survey
- Mar 2014
- Richard Crump
- Contentive
- Financial Director
The article examines the impact of the changes to auditor-client relationships on audit fees. It outlines the auditing rules implemented by the Competition Commission of Great Britain and European Union (EU). It discusses issues on the strategy of accounting firms in bidding or tendering audit contracts, purchasing power of audit firms, corporate governance code revisions, and auditor switches by companies as a result of the regulations and as an expression of good corporate governance.
Exclusive
U.K. Watchdog Softens Audit Rotation Stance.
- Nov 2013
- K M
- CFO Publishing
- CFO
The article reports on the decision of the Great Britain's Competition Commission to mandate listed companies to put their audit contract out for tender every 10 years, instead of five years as originally proposed. The commission cites the importance of extending the period of tendering to better serve the needs of shareholders. It notes that the commission has recognised the comment from business and regulatory communities about the additional costs and disruption of five-year re-tendering.
Terms of use:
You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Useful links
Audit Committees and the External Audit: Minimum Standard
- May 2023
- Financial Reporting Council
The primary objective of this standard is to enhance performance and ensure a consistent approach across audit committees within the FTSE350. By setting out clear expectations and guidelines, the FRC aims to support the delivery of high-quality audits and reinforce public trust in the financial reporting process. The standard will apply to FTSE350 companies.
Statutory report on the audit tender process
- Oct 2018
- KPMG
Guidance on the audit tender process from the Audit Committee Institute, part of the KPMG Board leadership Centre. Includes sample documentation.
Getting real value from the audit tender process
- Jan 2018
- KPMG
Guidance on the audit tender process from the Audit Committee Institute, part of the KPMG Board leadership Centre.
Investment Association guidelines on audit tenders
- Nov 2017
- Investment Association
Guidance that sets out the expectations of the IA’s members - UK institutional investors - when companies tender their audits. Its coverage includes planning the tender; tender candidates; the tender process; and the tender decision.
Disclaimer
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