ICAEW.com works better with JavaScript enabled.
Exclusive

Audit and reporting updates: September 2024

Helpsheets and support

Published: 12 Sep 2024 Update History

Exclusive content
Access to our exclusive resources is for specific groups of students, subscribers, users and members.
Annual SoQM evaluations, updated Audit Regulations, CASS 5 audits, and more.

Annual SoQM evaluations

All audit firms must fully engage with the International Standard on Quality Management ISQM 1/ISQM (UK) 1. A first evaluation of the firm’s system of quality management (SoQM) was required by 15 December 2023 and further evaluations must be performed at least annually. 

This is an area of focus by the Financial Reporting Council and reviewers in ICAEW’s Quality Assurance Department (QAD) 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.

On the majority of audit monitoring visits, QAD reviewers do find that audit firms have now undertaken their first evaluation at least, but there are some that have not, and so have not complied with the Audit Regulations. 

All firms may benefit from reading a summary of what QAD is looking for in an annual SoQM evaluation, which issues would cause concern, and how engaging with QAD reviewers can help firms to avoid recurrences.

Audit & Beyond resources that may also be of help include:

Updated Audit Regulations

UK Audit Regulations were updated during 2023, more changes come into effect from 1 October 2024 and other changes are expected from early 2025. Individual ICAEW members, ICAEW member and regulated firms, and non-members who are registered with ICAEW for statutory audit, may be affected.

The changes relate to:

  • continuing professional development (CPD);
  • compulsory alternates for sole practitioners;
  • sanctioning of responsible individuals (RIs) by the Audit Registration Committee;
  • a firm’s eligibility to be audit registered; and 
  • mandatory notification of movement of audits.

The updates are being staggered to give firms time to adapt and to ensure compliance. 

To understand what is happening, when and why, read about:

Topical and technical webinars

Don’t forget to book your place for these forthcoming webinars:

Recent additions to the Audit and Assurance Faculty webinar library include:

Technical updates

The Audit & Assurance Faculty makes technical news from regulators and standard-setters available in Technical news in brief. This can also be accessed from the Audit & Beyond hub page.

Auditing and reporting updates

Stay on top of recent Audit and Assurance Faculty developments, as well as recent and upcoming faculty webinars and other important events for your diary.

Recommended content

ICAEW Faculty
5 white paper aeroplanes in flight, and one blue one peeling off upwards.
Join the Audit and Assurance Faculty

Stay ahead of the rest with our comprehensive package of essential guidance and technical advice.

Find out more
Audit and Assurance conference
Audit and assurance conference and webinars

The annual Audit & Assurance Conference, upcoming webinars, and recordings of past webinars to watch on demand.

Webinars
hijab business woman in office
Audit in depth

In-depth guidance on completing all stages of an audit as well as how to make the decision as to whether or not an audit is required.

Find out more
Open AddCPD icon

Add Verified CPD Activity

Introducing AddCPD, a new way to record your CPD activities!

Log in to start using the AddCPD tool. Available only to ICAEW members.

Add this page to your CPD activity

Step 1 of 3
Download recorded
Download not recorded

Please download the related document if you wish to add this activity to your record

What time are you claiming for this activity?
Mandatory fields

Add this page to your CPD activity

Step 2 of 3
Mandatory field

Add activity to my record

Step 3 of 3
Mandatory field

Activity added

An error has occurred
Please try again

If the problem persists please contact our helpline on +44 (0)1908 248 250