December 2022
View a selection of articles and download the full magazine.
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Audit and Assurance Faculty conference report
- Article
- 13 Dec 2022
Attracting and retaining talent, audit file inspections, ISA 315, sustainability assurance standards and technology were hot topics as the profession prepares for the future.
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Audit project management software
- Article
- 13 Dec 2022
Audit project management can benefit from the support of software and tech-enabled tools and services. Lesley Meall outlines some of the options.
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Developments in financial reporting
- Article
- 12 Dec 2022
Resources of financial reporting knowledge, including GAAP guidance, IFRS-related outputs and guidance on UK regulation.
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ISQM 1 statements in assurance reports
- Article
- 13 Dec 2022
Reflecting the transition from ISQC 1 to ISQM 1 in assurance reports under ISAE 3000 (Revised) can be tricky. ICAEW offers guidance.
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Tackling new and revised auditing standards
- Article
- 12 Dec 2022
Peter Herbert highlights the hottest topics for audit in 2023, including ISQM1, ISA 315 revised and ISA (UK) 240 revised, and gives feedback from QAD on audit quality.
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Question corner
- Article
- 13 Dec 2022
In this edition, John Selwood considers questions relating to risk assessment, sample sizes and auditing revenue.
November 2022
View a selection of articles and download the full magazine.
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A sole practitioner's approach to ISQM 1
- Article
- 08 Nov 2022
Sole practitioner Peter Hollis shares his approach to designing and implementing his firm’s system of quality management under ISQM 1.
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Assisting small audit firms with their quality management journey
- Article
- 08 Nov 2022
Faculty resources and insights from fellow auditors and QAD can help you to prioritise and then tackle items still on your ‘To Do’ list for ISQM 1.
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ISA 315, the entity’s IT systems and related risks
- Article
- 08 Nov 2022
ISA 315 requires auditors to gain an understanding of the audited entity’s information-processing activities. As Alex Russell highlights, the revised version of the standard is more scalable and provides more support material on IT-related risks.
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Maintaining and monitoring audit quality
- Article
- 08 Nov 2022
QAD activities to monitor the quality of audits by firms registered with ICAEW have increased because of the war in Ukraine, sanctions, lack of resources or experience. This may mean extra QAD monitoring by ICAEW.
Exclusive
Managing stress in the busy season
- Article
- 08 Nov 2022
As we enter the busy season, we tell you the signs of stress to watch for in yourself and your team, and how ICAEW and caba can help.
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Sustainability: update on acronyms and abbreviations
- Article
- 08 Nov 2022
There have been a lot of sustainability-related developments during 2022, and now it’s time to add some new disclosure and reporting standards to your professional lexicon.
October 2022
View a selection of articles and download the full magazine.
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Applying ethical standards
- Article
- 03 Oct 2022
The Revised Ethical Standard 2019 still presents implementation issues for some audit firms and the next update will provide fresh challenges. David Isherwood and Rupak Vasishta share key reminders, including the Third Party Test.
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Changes for PIE auditors
- Article
- 04 Oct 2022
PIE auditors and responsible individuals need to register with the FRC and there are plans to widen the PIE definition. What will this mean for audit firms?
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Ethical dilemma case studies
- Article
- 04 Oct 2022
Practical support with ethical matters in audit-related and non-audit areas is available in a series of case studies.
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FRC's Professional Judgement Guidance
- Article
- 04 Oct 2022
The FRC’s new guidance on professional judgement is not prescriptive, but all audit firms need to do more than simply be aware of it and its framework of mindset, professional judgement, consultation and environmental factors.
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Journals testing: meeting ISA 240 and the role of automated software tools
- Article
- 04 Oct 2022
In the second of his two articles on journals testing, Andrew Paul considers some key questions on substantive audit work and also looks at some real-world examples.
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Low-code and no-code audit automation
- Article
- 04 Oct 2022
More new, easy-to-use software packages and platforms means there may be little or no need to learn coding skills. Ian Pay explores the audit approach to this technology – the benefits, risks and challenges.
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Question corner
- Article
- 04 Oct 2022
This month John Selwood addresses questions arising from concerns about upcoming changes to auditing standards – ISQM1, ISA 315 and ISA (UK) 240.
September 2022
View a selection of articles and download the full magazine.
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Efficient journals testing
- Article
- 06 Sep 2022
The path to an efficient and ISA-compliant approach to journals testing can be hard to find. Andrew Paul considers the role of ‘controls testing’ and fraud standard ISA 240, plus the importance of who can post journals and who reviews or authorises them.
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How to prepare for a QAD monitoring visit
- Article
- 09 Sep 2022
Knowing more about when and what to expect from a QAD audit monitoring visit can help your firm to be adequately prepared for coming changes, including new International Standards on Quality Management, the shift from quality control to quality management and implementation of ISQM1.
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Improving trust in audit and corporate governance
- Article
- 08 Sep 2022
Alex Russell and Amy-Joy Butler consider some of the UK government’s proposals for improving the quality of and trust in audit and corporate governance, including the new Resilience Statement and reverse stress-testing – and the profession’s reactions.
Exclusive
Making the most of tech and data for improved audits
- Article
- 06 Sep 2022
Audit firms of all shapes and sizes are using technology to support continuous improvements in audit quality and efficiency and provide new insights.
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Question corner
- Article
- 09 Sep 2022
This month John Selwood deals with some familiar questions that come round again and again.
Exclusive
United States foreign school loan audits
- Article
- 06 Sep 2022
UPDATE: The US Department of Education (DoE) is only accepting United States (US) foreign school loan audit reports which have been prepared under US American Institute of Certified Public Accountants (AICPA) Auditing Standards. They no longer will accept audit reports under ISAE (UK) 3000.
July / August 2022
View a selection of articles and download the full magazine.
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A new approach to quality management
- Article
- 07 Jul 2022
The new quality management standards can deliver benefits that go beyond compliance. Auditors, standard-setters and the Audit and Assurance Faculty offer insights on how and highlight support resources.
Exclusive
Focusing on fraud in financial statements
- Article
- 07 Jul 2022
Auditors can enhance their endeavours to detect fraud in financial statement audits, with support from ICAEW and from standard-setters.
Exclusive
Guidance on preparing letters of engagement and resignation
- Article
- 07 Jul 2022
ICAEW's technical advisory service backgrounds recent changes to its guidance resources relating to drafting engagement letters and disengagement statements between auditors and clients for whom they provide their services.
Power Query for auditors
- Article
- 09 Jul 2022
Simon Hurst introduces the capabilities of Power Query and their possible relevance in audit.
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John Selwood's Question corner
- Article
- 11 Jul 2022
Revised ISAs continue to prompt questions among auditors. John offers some answers.
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The future of sustainability reporting
- Article
- 07 Jul 2022
Sustainability reporting is growing in importance and what’s expected and required of public and private sector organisations is changing fast. Stay up to date with our resources.
June 2022
View a selection of articles and download the full magazine.
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Advice for auditors from the experts
- Article
- 08 Jun 2022
Insights and examples of good practices from regulators and firms may assist all auditors to improve their challenge of management.
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Auditing the Paris Agreement
- Article
- 08 Jun 2022
The 2015 Paris Agreement aims to limit the increase in global average temperature to 1.5°C. Achieving this will require the world to achieve net-zero emissions by 2050. Auditors have a key role to play in reviewing how progress, costs and climate-related risks are reported.
Exclusive
Better use of excel
- Article
- 08 Jun 2022
Kit Kerr offers pointers towards Excel spreadsheet functionality useful to auditors, including formula auditing, the Data Analysis ToolPak, Get & Transform and data validation.
Exclusive
Fighting corporate fraud
- Article
- 08 Jun 2022
Katharine Bagshaw introduces an upcoming ICAEW publication. It recommends ways for stakeholders across the financial reporting ecosystem to better deter and detect corporate fraud and shares examples of best practice for and from audit firms.
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Question corner
- Article
- 08 Jun 2022
With revisions to ISA (UK) 240, auditors are sharpening their focus on fraud in the audit of financial statements. John Selwood considers some of the questions this is prompting.
Exclusive
Tips for audit seniors
- Article
- 08 Jun 2022
Audit seniors will not be short of challenges over the coming months, but key personal and practical technical skills can enhance effectiveness, from to-do lists and delegation to communication, says Simon Kettlewell.
May 2022
View a selection of articles and download the full magazine.
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Audit technology upskilling
- Article
- 05 May 2022
Can you make the most of data without specialist data analytics tools? Do all auditors need coding skills? This article considers some possible answers – and what is behind them.
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Cyber insurance cover
- Article
- 05 May 2022
Does your firm have the right insurance for cyber risks? Does cyber cover exist within your PII policy? Do you need to look elsewhere for additional cyber insurance? What does cyber insurance cover? We have the answers.
Exclusive
Financial statement disclosures
- Article
- 05 May 2022
Is your financial reporting knowledge up to par? ICAEW has many resources to keep you in line with FRS 102, including disclosure checklists.
Exclusive
New standards for sustainability reporting
- Article
- 05 May 2022
As sustainability reporting grows in importance, so do abbreviations, concepts, frameworks and new sustainability disclosure and international financial reporting standards. From ESG and TCFD to ISSB and CDSB, here’s what auditors need to know.
Exclusive
John Selwood's Question corner
- Article
- 05 May 2022
It seems 2022 is turning into a busy year in auditing. This month, John Selwood considers questions on revisions to ISA 315 and ISA (UK) 240, early adoption of ISQMs and requirements of audit documentation.
Exclusive
Ukraine: auditing considerations
- Article
- 05 May 2022
During the Ukraine crisis, sanctions, anti-money laundering and reputational risks may present ethical and legal considerations for even the smallest audit firm.
Exclusive
Ukraine: group audits
- Article
- 05 May 2022
Group auditors with overseas component auditors face particular challenges because of the Ukraine crisis. This Audit and Assurance Faculty guidance explores the issues – including ISA UK 600 requirements – and their implications.
April 2022
View a selection of articles and download the full magazine.
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Auditing implications of the war in Ukraine
- Article
- 04 Apr 2022
The situation in Ukraine is changing daily, as are the reactions of the UK government and the international community. We look at some key considerations for auditors.
Exclusive
Auditing pension figures
- Article
- 04 Apr 2022
There is a lot for auditors to consider when auditing defined benefit pension scheme figures in an entity’s accounts. Alex Russell explains the relationships involved and how to make auditor requests efficiently.
How auditors can navigate social media pitfalls
- Article
- 04 Apr 2022
Increased use of social media can present auditors with thorny challenges. Firms need to assess and manage the risks – and auditors need to stop and think before posting anything.
Exclusive
John Selwood's question corner
- Article
- 06 Apr 2022
Freelance lecturer and writer John Selwood answers questions on planning and implementing revised standards, agent versus principal in audits, and accepting independent examination engagements.
Exclusive
New resources for adopting ISA 540
- Article
- 04 Apr 2022
A new resource hub from the Audit and Assurance faculty offers easy access to specialist support.
Exclusive
The future of less complex entity audits
- Article
- 04 Apr 2022
The proposed new standard for audits of less complex entities is not perfect, but it is progress – and it is needed as there are fewer firms performing small audits.
March 2022
View a selection of articles and download the full magazine.
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Apprehending fraud in audits
- Article
- 07 Mar 2022
ICAEW provides tips and support resources to help firms reduce the risk of fraud going unnoticed during a financial statement audit.
Exclusive
Improving audit quality
- Article
- 07 Mar 2022
ICAEW’s latest monitoring report shows how examples of good practices and what causes common weaknesses can help firms to improve the quality of their audits.
Exclusive
John Selwood's question corner
- Article
- 07 Mar 2022
Freelance lecturer and writer John Selwood says that aspects of group auditing prompt some interesting questions
Exclusive
Preparing for ISA 315
- Article
- 07 Mar 2022
ICAEW has kept the revised ISA 315 and the need to prepare on the radar of auditors, so readiness for the changes needs to be on every audit firm’s to-do list for 2022.
Exclusive
Surviving the challenges of audit
- Article
- 07 Mar 2022
During 2022, auditors can expect many challenges and opportunities. Peter Herbert, Director of Insight Training, offers tips for tackling these in six key areas.
Exclusive
What are accountant's reports and why are they important?
- Article
- 07 Mar 2022
Accountant’s reports can be an opportunity for auditors to provide valuable services to clients and develop new revenue streams. Here, we outline the options, issues to think about and support available from ICAEW.
February 2022
View a selection of articles and download the full magazine.
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ISQM 1 and FRC expectations
- Article
- 03 Feb 2022
In this article, the UK Financial Reporting Council outlines its expectations of those designing and implementing the new quality management standards.
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Getting ready for ISQM 2: Engagement Quality Reviews
- Article
- 04 Feb 2022
Nick Jeffrey summarises key changes Introduced In the standard and implications.
Exclusive
ISQM 1 and evaluating resources from service providers
- Article
- 04 Feb 2022
As firms prepare for the new quality management standard ISQM 1, some may be hoping for support from specialist service providers. This article looks at how their use and evaluation require careful consideration.
Exclusive
Root cause analysis: action planning and continuous quality management
- Article
- 04 Feb 2022
You’ve completed your root cause analysis (RCA) and identified some potential causal factors, so what’s next? This article provides tips on how to identify actions and develop a continuous quality improvement plan.
Exclusive
ISQM 1: How to get started with root cause analysis
- Article
- 04 Feb 2022
As audit firms transition to the new quality management standards, they will need to embrace RCA. This article by Paul Winrow considers 12 questions to get you started on your RCA journey and heading in the right direction.
Exclusive
ISQMs: Improved audit engagement quality
- Article
- 03 Feb 2022
The bar has been raised for quality management, with two new standards approved by the IAASB. In this article, Gill Spaul, Chair of ICAEW’s quality management working group explains how.
ISQM 1: Scalability for less complex firms
- Article
- 04 Feb 2022
In this article, Julia Penny, Matt Howells and Jon Baillie explain how smaller firms with low complexity have opportunities to scale ISQM 1 to fit their nature and circumstances.
Exclusive
ISQM 1 and small firms: What will QAD be looking for?
- Article
- 04 Feb 2022
Larger audit firms and network members should already be developing and implementing their system of quality management (SoQM) for the new International Standard on Quality Management (ISQM) 1, but even the smallest firm needs to be compliant with the new ISQM 1, making it an integral part of the audit practice. In this article Nick Reynolds looks at what is expected of smaller firms.
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