Latest news
Auditors’ obligations to report to the FCA
- Article
- 04 Nov 2024
Following the first sanction imposed by the Financial Conduct Authority (FCA) on an audit firm for failing to comply with reporting obligations, ICAEW is reminding auditors of their statutory duty under the Financial Services and Markets Act 2000 to report to the financial regulator.
Audit eligibility changes: check your firm will meet new requirements
- Link
- 28 Oct 2024
An important revision has been made to the Audit Regulations to bring them in line with the Companies Act 2006. The updated regulations came into effect on 1 October 2024 and firms will have until 1 April 2025 to comply. It is possible the changes may impact on firms’ eligibility to be audit registered. We explain the changes, why they have been made and advise what firms should do now.
Listen back: 2023/24 Audit monitoring results
- Link
- 28 Oct 2024
Find out about the results of the audit monitoring visits undertaken by our quality assurance department in 2023/24 and learn about some of the factors that contributed to these results.
Changes to UK audit rules from 1 October 2024
- Link
- 28 Oct 2024
Everything you need to know about updates to the UK Audit Regulations effective from 1 October 2024 as well as a roadmap of further changes coming in 2025.
Webinar: ISQM1 – maintaining momentum
- Link
- 28 Oct 2024
Hear from fellow practitioners and share your own experiences of the impact of systems and culture on momentum; discuss the key steps of monitoring and remediation.
Regulatory and Conduct Committees: expressions of interest
- Link
- 28 Oct 2024
Please do not hesitate to contact us if you would like to express your interest in joining our regulatory and conduct committees. All of these roles are remunerated. We will happily add your name to our list of individuals interested in serving, and we will be in touch when the next vacancies become available. The candidate information pack provides further information regarding the role of each committee and the recruitment selection process. For general queries and expressions of interest, email CommitteeRecruitment@icaew.com.
Private equity investment in audit firms
- Article
- 25 Oct 2024
All audit registered firms considering a change of ownership to introduce private capital should engage with the Financial Reporting Council (FRC) and their recognised supervisory body (RSB) as early as possible.
Access to working papers guidance: regulation 3.13
- Link
- 18 Sep 2024
The guidance supporting audit regulation 3.13 “access to working papers” has been updated following the UK’s exit from the EU, and to reflect some changes to FRC functions. Following Brexit, the regulation now applies to a registered auditor accessing another firm’s working papers where the other firm is based in a third country (ie, a country outside the UK including EEA member states). Previously the regulation only applied when accessing working papers from a firm outside the EEA.
All available issues of Audit News e-newsletters
Audit News: Issue 73
- Newsletter
- 15 Mar 2023
In this issue we highlight concerns from our Quality Assurance Department about audit quality in 2022, key ISQM 1 resources, the latest UK Audit Regulations and changes to the disciplinary framework which will take effect on 1 June.
Audit News: issue 72
- Newsletter
- 10 Nov 2022
Read about PIE audits and new registration requirements, risk alert for new audit tenders, auditor resignations and your responsibilities, good practice when taking on new audits, local audit quality inspection results, quality management in audit firms, ISA 600 and what’s new in group audits, compliance reviews as a positive learning experience, enhanced ICAEW membership, and Quality Assurance monitoring feedback results.
Audit News: Issue 71
- Newsletter
- 16 Jun 2022
Read about our monitoring approach to implementation of ISQM1, audit monitoring visits update, why clarity is vital in auditor resignation statements, FRC changes to registrations for auditors, government’s audit reform plans, revised Irish audit regulations audit guidance in response to the Ukraine crisis, reporting matters of material significance to charity regulators, and the latest Professional Standards updates.
Audit News: Issue 70
- Newsletter
- 21 Feb 2022
Read about statutory six-year cycle for audit monitoring, being prepared for Quality Management standards, EU country registration a recording of Audit Update for Q4 2021, feedback from firms on QA reviews in 2021, consultation on changes to ICAEW’s disciplinary framework, resourcing root cause analysis; updating ICAEW on your firm’s details, and ICAEW’s audit monitoring report for 2020—21.
Audit News: Issue 69
- Newsletter
- 12 Nov 2021
Read about reporting matters of material significance to charity regulators. an update on your audit monitoring visits, a reminder about our feedback survey, information on QA webinar, what good looks like for going concerns, access to series of articles sharing insights on ways to work in the regulatory sphere, our response to BEIS White Paper, and information about having the right insurance for cyber risks.
Audit News: Issue 68
- Newsletter
- 14 Jun 2021
Read about our survey to find out what your firm thinks about our audit monitoring reports, a return to onsite Quality Assurance reviews, reporting breaches of the FRC Ethical Standard, regulatory applications update, regulation and conduct through difficult times, issues coming before the ARC, social media guidance, keeping the Chartered Accountant’s badge shiny, follow the new R&C LinkedIn page, and a reminder to complete our survey.
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