Audit Regulations and Guidance

ISQM1: implementation and expectations
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.

Check your eligibility status – stay alert

Stepping into the regulatory sphere
Read how members setting up in practice for the first time or firms moving into new areas of regulated work need to comply with a range of requirements, rules and regulations.

Access your guide to maintaining your firm record
Use this guide to find out what to consider when changing the structure of your firm. Inaccurate or outdated firm records may constitute a misdescription of your firm. It could also lead to regulatory or disciplinary action.

Audit quality concern from 2022 monitoring reviews

Good practice when taking on new audits

Risk alert for new audit tenders

Auditor resignations: your responsibilities

Audit guidance in response to Ukraine crisis
Support and guidance for audit firms in dealing with these exceptional circumstances.

Audit monitoring FAQs

Check your audit eligibility status – stay alert
Audit eligibility is the sole responsibility of the audit firm. Please check your status.

Matters of Material Significance reportable to UK charity regulators
Guidance on the statutory duty to report matters of material significance to charity regulators.

Post Brexit guidance
Find a range of resources to help post Brexit, including technical guidance.

Reporting breaches of the FRC Ethical Standard
ICAEW-registered firms that do not audit PIEs need to make biannual notifications of any breaches of the Ethical Standard via the Breaches of the FRC Ethical Standard form.

UK GAAP
Access summaries of the standards and practical resources such as factsheets, FAQs, model accounts and eBooks.

Every year our quality assurance team looks back at the results of the last 12 months of audit monitoring reviews, covering the Big 4 to sole practitioners, and identifies areas for improvement and examples of good practice.

• Audit monitoring report 2023/24
• Audit monitoring report 2022/23
• Audit monitoring report 2021/22

• Older reports can be found in the ICAEW archive

2023/24 Audit monitoring results
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.

Webinar: Audit monitoring update
An overview from the Audit Registration Committee on the issues it sees and the tools available to assist with improving audit practice and guidance from the Quality Assurance Department on where firms can improve on common issues and examples of best practice.

Insights from audit monitoring – webcasts
These short webcasts provide insights from the Quality Assurance Department on audit monitoring and tips for avoiding pitfalls. Topics include group audits, audit work on internal controls and fraud.

ICAEW training films
ICAEW training films provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations. With a focus on professional scepticism, ethics and everyday business challenges, ICAEW training films are being used by firms and companies around the world to support their in-house training and business development programmes.

• Audit regulation 3.13 - audit working papers
• Access to information by successor auditors
• Access more technical helpsheets

The Audit Regulations require a registered auditor to be controlled in a certain way. If the registered auditor is a company, it's possible that persons other than the named shareholder may have interests in the company’s shares. This could mean the company is no longer controlled in accordance with the Audit Regulations.

Directors need the appropriate powers to call for information about interests in shares and disenfranchise shares if necessary. This will ensure the registered auditor continues to be controlled in accordance with the Audit Regulations. These model articles will help your firm include special provisions within its articles of association.

• Model article: private company
• Model article: public company

• Technical and Ethics Advisory Services
• Corporate Reporting Faculty
• Audit and Assurance Faculty