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John Selwoods question corner

John tackles questions from auditors as they adjust to recent and proposed changes relating to sample sizes, inherent risk, OEPIs and quality management.

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.

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.

The importance of detecting fraud

As standard-setters move forward with initiatives around fraud and going concern, Katharine Bagshaw looks into the concerns and proposed reforms – and shares some ICAEW perspectives on progress.

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 …

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…

Mortgage payment holiday set to be extended until October 2020

Homeowners who are struggling to pay their mortgage due to COVID-19 are set to be given a further three-month extension on their mortgage payments. For those homeowners who have paused their mortgage but now wish to resume payments, they will be given various options to help make these more manageable. One of the proposed options will…

UK SMEs face complicated recovery

Research for Accountancy Age highlights disparity between SMEs across the UK as they begin to emerge from lockdown. Over one-third of small-to-medium sized businesses (SMEs) have been “completely disrupted” by the pandemic, according to new research by FreeAgent. Overall, 87 percent of surveyed SMEs said their business had suffered due to coronavirus, with further research…

Bounce back loans launch for small business

A report has suggested that more than 69,000 bounce back loans for small businesses worth over £2bn have been approved during the first 24 hours of the scheme. The bounce back loan scheme offering small businesses easy-to-access loans of up to £50,000 officially opened on 4 May, with the cash promised within days. The seven…

Coronavirus Update: Tax appeal deadlines extended

HMRC has extended the period available for taxpayers to appeal a tax decision by an additional three months, in light of the current pandemic. Under normal circumstances, HMRC writes to tell individuals if they can appeal, and they usually have 30 days in which to do so. Updated guidance now states that if an individual…

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