Chartered Accountants in Huddersfield

Auditors’ judgements on promises of financial support may be easier to make with the assistance of faculty guidance.

Members working in or with the public sector will find ICAEW’s specialist resources more valuable than ever in the pandemic.

Access to webinars is included within your membership subscription.

Our roundup of regulatory news.

Alex Russell, Technical Manager, Audit Practice & Regulation at the Audit & Assurance Faculty explains why auditors will need to start thinking about risk differently.

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 of the current and future issues affecting the audit profession.

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 is reported.

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.

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.

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