Headlines
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.
FAQs and further help
- Helpsheets and support
- 05 Aug 2024
Read our FAQs to help you understand the upcoming changes to the Audit Regulations around Eligibility Criteria.
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.
Private equity investment in audit firms
- Article
- 25 Oct 2024
The Financial Reporting Council (FRC) recently published a letter explaining that any firm interested in, or considering a change of ownership to introduce private capital should engage with both the FRC and the firm’s recognised supervisory body (RSB) at the earliest opportunity. All such discussions will be in confidence. This requirement to engage with the FRC and the firm’s RSB applies to all audit-registered firms, and not just those firms that hold public-interest-entity authorisation with the FRC.
Audit Monitoring Report 2023/24
- Report
- 11 Sep 2024
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring they have the tools and resources available to help them maintain the standards expected to strengthen trust in the profession. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
ISQM1 quality assurance monitoring update
- Article
- 07 Aug 2024
All audit firms should have completed a first evaluation of their system of quality management (SOQM) by 15 December 2023. Further evaluations must be performed at least annually. This is an area of focus by the FRC, and our quality assurance reviewers expect to see the conclusion documented, along with details of the results of the firm’s monitoring that it has assessed to reach its conclusion. We summarise what our Quality Assurance Department is looking for in this area, which issues would cause concern and how engaging with our reviewers can help you avoid recurrences.
UK company size thresholds changes to go ahead
- Article
- 18 Oct 2024
The new government has confirmed that it will be continuing with legislation to increase company size thresholds but it will not, at this time, be taking forward proposals reducing reporting requirements for medium-sized companies.
Webinars
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.
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.
Other regulatory news
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.
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Further resources
Audit News hub
Audit News is your regulatory update containing the latest audit and assurance technical guidance and best practice advice. We email audit compliance principals and responsible individuals when a new issue of Audit News is available. Audit News is also available to all ICAEW members – please select the Audit and Assurance topic from your list of preferences and we will notify you by email when a new issue is available.
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Regulations and guidance for those working in the regulated area of audit in the UK, Ireland and the Crown Dependencies.
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