This page presents an overview of instructions and guidance for small practices to prepare for Brexit.
Find out how to prepare for Brexit.
BEIS and the FRC have issued on 22 February 2019 five documents that set out the necessary steps all audit firms (large and small) should undertake to prepare for Brexit including no-deal outcomes.
ICAEW has received an indication from the Irish audit authorities that they interpret the Audit Directive to mean that non-Irish resident accountancy firms currently on the Irish Audit register, are unlikely to retain automatic audit rights in Ireland in the event of a no-deal Brexit. Your firm will be directly affected by this.
The recognition of professional qualifications is a significant issue which is being considered as part of the Brexit withdrawal negotiations as well as in the context of the future relationship between the UK and EU27. But it is important to place the issue in context.
Amended requirements impacting on Public Interest Entity (PIE) audits
Auditors of UK companies (ie, companies incorporated in the UK) with listings on the Irish Stock Exchange, (such as listed debt), will be required to register with IAASA as third country auditors when the UK leaves the EU.
The UK government has published an updated technical notice on Accounting if there’s no Brexit deal.
The UK government has published a technical notice on Auditing if there’s no Brexit deal, providing guidance on the implications for auditors should the UK leave the EU without a deal.
Find out more about the potential implications of Brexit on the provision of accountancy and related advisory services, as well as on accountancy training and qualifications.