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Audit News: issue 74, June 2023

In this issue, read about changes under the special entrant route for the Audit Qualification, how firms are implementing ISQM 1, and changes to the UK Audit Regulations. We also provide updates from the Professional Standards Department around CPD, the disciplinary process and more.

Contents
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Headlines

Special entrant route for the Audit Qualification (AQ)
  • 09 May 2023
In this article, find out what criteria will be recognised by ICAEW for overseas auditors seeking to gain the Audit Qualification (AQ) under the special entrant route.
ISQM1: implementation and expectations
  • 21 Apr 2023
A recent survey by the ICAEW Quality Assurance Department (QAD) suggests a strong and positive implementation of ISQM1 but urges the small minority of firms that haven’t put it in place to act quickly. All active audit firms are expected to have implemented ISQM1, and QAD will review evidence of this as part of its audit monitoring visits. Here we summarise the findings and resources available to support implementation.
Audit Regulations and Guidance
  • 09 Oct 2019
Regulations and guidance for those working in the regulated area of audit in the UK, Ireland and the Crown Dependencies.
Matters of Material Significance reportable to UK charity regulators
  • 03 Nov 2021
Guidance for auditors and independent examiners about the statutory duty to report any matters of significance to charity regulators in England and Wales, Scotland and Northern Ireland.
Quality assurance monitoring of ICAEW audit firms
  • 26 Jul 2018
We are the largest recognised supervisory body in the UK, with around 2,300 firms registered for audit. Our philosophy is to be a robust, proportionate and transparent regulator. At the same time, we offer help and support to our firms where appropriate.
Audit resources
  • 31 May 2019
There is a wide range of useful resources providing practical audit support and guidance.

Latest news from the Professional Standards Department

Firms' guide to CPD
  • 24 Apr 2023
ICAEW’s Regulations place specific responsibilities on ICAEW member firms/other firms. Read about the requirements and the actions firms should take to ensure their affected members of staff are compliant.
Changes to ICAEW's disciplinary process
  • 31 May 2023
On 1 June 2023, revisions to ICAEW's disciplinary framework came into effect. We break down what’s changed including updates to the disciplinary and appeals processes.
Have your say: PII review
  • 15 Jun 2023
Help us ensure PII arrangements provide adequate protection to the public while being mindful of costs to the profession. Have your say by 30 June.
ICAEW statement on members engaging in public practice (effective from 1 January 2024)
  • 11 May 2023
This statement clarifies what is meant by 'engaging in public practice' for the purposes of holding a practising certificate.
Regulation in times of change
  • 28 Apr 2023
ICAEW's regulatory and conduct responsibilities are delivered by the Professional Standards Department (PSD). Our role is to strengthen trust and protect the public by following the 3Es: Enable, Evaluate and Enforce. Read more about our strategy, activities, and the oversight of ICAEW's regulatory and conduct role in the Regulatory and Conduct Report 2022–2023.
Annual return to ICAEW
  • 17 Jun 2014
Get the most up-to-date information on the online annual return, links and FAQs.
Strength through diversity: building better committees
  • 06 Apr 2023
Kim Nyawira, Head of Committees and Tribunals at ICAEW, tells us about some recent initiatives to broaden opportunity and bring greater diversity of thought and experience to the regulatory and disciplinary committees.

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Further resources

Audit resources

Practical audit support and guidance available to ICAEW auditors including the latest regulatory updates, webcasts and monitoring reports.

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Professional indemnity insurance

Professional indemnity insurance (PII) is compulsory for all ICAEW members who have a practising certificate and engage in public practice. PII is a requirement for a number of regulations.

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The Audit Qualification

The Audit Qualification (AQ) is awarded to ICAEW members who have demonstrated that they have achieved sufficient knowledge and supervised experience in audit, through examination and work experience gained within an ICAEW Authorised Training Employer (ATE).

Find out more