Articles & features
Exclusive
Issues with Building Society audits
- 13 Mar 2025
- Simon Gibbs
The BSA has called for the “vast majority of building societies to be removed from the scope of Public Interest Entities audits1” due to excessive audit costs. More may be needed.
PROFESSIONAL STANDARDS DEPARTMENT
Risk alert for new audit tenders
- 16 Sep 2022
- Professional Standards Department
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.
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.
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.
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.
AUDIT AND ASSURANCE FACULTY
Evaluating your auditors
- Helpsheets and support
- May 2003
- PDF (130kb)
Guidance for audit committees: Guidance to assist non-executive directors on audit committees to gain an understanding of the provisions of the Combined Code on Corporate Governance
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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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.
Audit quality practice aid for audit committees
- Jan 2019
- Financial Reporting Council
FRC issued this practice aid to assist audit committees in evaluating audit quality. New sections have been added on audit tendering and transparency of audit committee reporting.
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.
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