In October 2020 the Audit and Assurance Faculty held its first global, virtual, cross-faculty event, Going concern and resilience: lessons learned from COVID-19. It offered answers to some of the big audit and financial reporting questions that auditor…
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COVID-19: determining materiality
COVID-19 is having a profound effect on many businesses and we can expect to see this continue into future financial reporting periods. Whether businesses are experiencing a temporary downturn as a result, or more radical changes, COVID-19 is likely to…
Standards and guidance
A comprehensive list of standards and guidance covering external assurance engagements. Find out which standards apply for engagements by subject area, as well as information on individual standards and the practical application of guidance to assuranc…
Preparing an audit report for a group: separate audit reports for the group and parent company
This guide is designed to explain the main changes that are needed to the separate audit reports of a group and parent company compared to that of a company only.
Training, software and methodology providers’ meeting
The 2021 Training Providers’ Meeting included presentations and Q&A panels on upcoming revisions to ISAs UK and a monitoring session covering recent areas of focus
A new approach to risk assessment
Alex Russell, Technical Manager, Audit Practice & Regulation at the Audit & Assurance Faculty explains why auditors will need to start thinking about risk differently.
Audit and Assurance Board
The Audit and Assurance Faculty Board oversees the work of the faculty and its various technical committees. Comprising representatives from across the audit profession, each faculty board member brings with them a wealth of knowledge and understanding…
How to report on irregularities, including fraud, in the auditor’s report – a guide for auditors
This Know-How guide from ICAEW’s Audit and Assurance Faculty covers what irregularities are, how the requirements have changed in ISA (UK) 700 (Revised January 2020), what should be reported on in the auditor’s report, and how COVID-19 may impact what …
Brexit-related risk
The effect of Brexit and COVID-19 on imports and exports, the location of staff, increased risks around fraud and estimate and forecast accuracy all affect auditing. Faculty resources are a valuable asset in understanding the problems.
Improving audit and assurance
Sir Donald Brydon has reviewed the quality and effectiveness of audit, recommending a three-year rolling audit and assurance policy, and ICAEW is examining how to implement his ideas. Carolyn Clarke reports on the plans.