Chartered Accountants in Huddersfield

This Audit and Assurance Faculty Know-How guide explores COVID-19 issues faced by UK group auditors with overseas component auditors. It offers practical considerations in relation to the work of component auditors to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions with similar requirements.

Peter Herbert gives tips for auditors on handling revisions to international auditing standards (ISAs) on going concern and accounting estimates, new ethical standard requirements on long association, new advice on reporting on irregularities and, of course, the effects of COVID-19.

This Know-How Guide from ICAEW’s Audit and Assurance Faculty considers a selection of frequently asked questions about auditing remotely in light of the coronavirus pandemic. It may be updated or extended from time to time in response to events and member feedback.

Many auditors are working from home during the COVID-19 lockdown, and this presents logistical challenges for the signing of the auditor’s reports on financial statements.

ICAEW’s Audit Qualification (AQ) is only available to ICAEW members and is free of charge. Please read through the following carefully to determine if the AQ is relevant to you and how you should apply.

Audit experience recognised under UK Companies Act.

The AQ is a free qualification awarded to eligible ICAEW members.

If you are an ICAEW student and intend to work in audit during your career, then we recommend that you apply for the Audit Qualification (AQ) on completion of the ACA.

ISA 540 (Revised) is now effective and requires a change in approach to auditing accounting estimates.

Now that the FCA has strengthened its safeguarding regime, auditors have a lot to consider when providing reports for payment and e-money firms. John Mongelard answers your questions.