Displaying 1-50 of 922 results
Influencing policy to support you: September 2024
- Article
- 26 Sep 2024
- ICAEW Insights
As parliament returned from the summer recess, ICAEW was finalising its Budget submission – urging immediate action to provide clarity over business taxes and stimulate growth – and gearing up for the political party conference season.
How standards can help squash the greenwash
- Article
- 18 Sep 2024
- ICAEW Insights
Corporate reporting and marketing communications are surprisingly close bedfellows on the greenwashing front. While the former is highly regulated, the latter is increasingly attracting the scrutiny of regulators.
Going concern lessons from Silicon Valley Bank
- Article
- 17 Sep 2024
- ICAEW Insights
Reuben Wales examines some of the key tenets of proposed guidance on accounting and reporting on going concern through the lens of the Silicon Valley Bank collapse.
Changes to UK audit rules from 1 October 2024
- Article
- 13 Sep 2024
- Professional Standards Department
Everything you need to know about the forthcoming updates to the UK Audit Regulations related to eligibility and ICAEW’s consultation on audit notification, as well as a roadmap of further changes coming in 2025.
Audit quality is steady despite changes in market conditions
- Article
- 13 Sep 2024
- ICAEW Insights
In the face of ‘unprecedented challenges’ in the UK audit market, the quality of complex audits remains good, but has yet to return to pre-pandemic levels, reveals ICAEW.
Ethics and professional scepticism
- Article
- 11 Sep 2024
Ethics is integral in the ACA qualification and is used to develop students' ethical capabilities.
CPD made easy for members in internal audit
- Article
- 30 Aug 2024
- ICAEW
ICAEW’s revised CPD regulations came into effect on 1 November 2023. If you’ve still not taken time to understand and explore these, there’s still plenty of time to do so before this year’s CPD period ends on 31 October 2024.
Influencing policy to support you: August 2024
- Article
- 28 Aug 2024
- ICAEW Insights
Parliament may be in recess, but ICAEW remains busy preparing for the launch of new legislation on audit reform, the Budget and the political party conference season.
Feedback on proposed changes to Audit Regulations: CPD, alternates and sanctions for responsible individuals
- Article
- 22 Aug 2024
- Professional Standards Department
During 2023 ICAEW consulted on proposed changes to the Audit Regulations in relation to three policy areas: continuing professional development (CPD), compulsory alternates for sole practice auditors and the sanctioning of responsible individuals (RIs). The consultation ran for ten weeks from 1 September to 27 October 2023 and an overview of the results is shown below.
Audit eligibility changes: check your firm will meet new requirements
- Article
- 22 Aug 2024
An important revision is needed to the Audit Regulations to bring them in line with the Companies Act 2006. The updated regulations will come 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 are being made and advise what firms should do now.
Exclusive
IAASB standard for auditing less complex entities
- Article
- 21 Aug 2024
- ICAEW
Published in December 2023, the standalone global ISA is a significant achievement for the IAASB. We take a look at the new standard and plans for its adoption.
Steps your firm should now take
- Article
- 05 Aug 2024
- Professional Standards Department
In order to assess whether your firm will meet the updated Eligibility Criteria, you should consider these steps as soon as possible. Your firm must comply with these requirements by 1 April 2025.
Reason for the changes and key definitions
- Article
- 05 Aug 2024
- Professional Standards Department
The Companies Act 2006¹ (the Act) sets out the requirements for a firm or individual to be eligible for appointment as a statutory auditor. In addition, the FRC, in its capacity as the competent authority for the regulation of statutory audit in the UK² , is responsible for determining the criteria for when a firm or individual is eligible for appointment as a statutory auditor. Separate eligibility criteria is published by the FRC (the Eligibility Criteria) to meet this responsibility.
ICAEW supports new body to build trust in PIE audits
- Article
- 23 Jul 2024
- ICAEW Insights
ICAEW and ICAS have joined firms offering audits of public interest entities to create a new independent organisation to shape best practice and drive improvements in audit quality.
Data, skills and building trust: what’s in the King’s speech?
- Article
- 18 Jul 2024
- ICAEW Insights
A bumper King’s speech marked the state opening of parliament, containing 40 bills. These are the most relevant for business.
The government can see the economic sense of audit reform
- Article
- 18 Jul 2024
- ICAEW Insights
King’s speech: the government has listened to ICAEW and other professional bodies on audit and corporate governance reform. ICAEW CEO Alan Vallance explains why this is such a positive step.
Exclusive
Databases, Data Warehouses and Data Lakes for Accountants
- Article
- 17 Jul 2024
- Edward Franklin
Accountants today rely on software like Oracle, Sage, Excel, and many other technologies to store important data and help generate financial statements and insights. This article provides a high-level overview of different data infrastructure used in accounting and how these fit into contemporary technology such as PowerBI, PowerPivot, Excel, APIs.
ICAEW engages with new government
- Article
- 12 Jul 2024
- ICAEW Insights
ICAEW has reached out to the Prime Minister and relevant departments offering support and outlining our priorities.
Free CPD: ISA 315
- Article
- 11 Jul 2024
- ICAEW Insights
What changed in the revised ISA 315 professional standard and how have auditors found applying the revised standard in practice? This article provides free continuing professional development (CPD) verifiable reading and webinars on the topic.
CPD when you’re working in industry
- Article
- 08 Jul 2024
ICAEW has a wealth of resources that can help members working in industry stay up to date with developments in finance and business, while at the same time ensuring that you’re meeting ICAEW’s CPD requirements.
Audit reform, local audit and business rates: ICAEW’s priorities for Labour
- Article
- 05 Jul 2024
- ICAEW Insights
With a clear mandate to govern, Sir Keir Starmer’s Labour party must take swift action to encourage growth and investment, says ICAEW.
Revised ISA 315 for 2022 audits
- Article
- 03 Jul 2024
A guide to the revised requirements and implications for smaller ISA audits – effective for periods beginning on or after 15 December 2021.
Risk assessment challenges for auditors
- Article
- 03 Jul 2024
Risk assessment is critical to the performance of all financial statement audits. This Audit and Assurance Faculty guide explores some of the aspects of risk assessment and the auditor’s response that continue to present challenges to auditors.
AI ‘will turbocharge cybercrime and fraud’
- Article
- 27 Jun 2024
- ICAEW Insights
Chief internal auditors are worried that AI is likely to fuel a surge in cyber, fraud and economic crime, according to a new poll.
Audit sampling and how to improve it
- Article
- 25 Jun 2024
- ICAEW Insights
Following on from a FRC review, we look at the potential learnings for all audit firms and highlight some good practices and pitfalls for smaller firms to consider.
Limited vs reasonable assurance: understanding the differences
- Article
- 21 Jun 2024
- ICAEW Insights
It’s never a bad thing to return to definitions. In the case of limited assurance and reasonable assurance, the difference between the two is often poorly understood.
Influencing policy to support you: May 2024
- Article
- 31 May 2024
- ICAEW Insights
ICAEW has been meeting with MPs to discuss economic growth and the opportunities offered by technology, as well as giving evidence to parliament on audit reform and the effectiveness of sanctions on Russia.
How auditors can meet the client tech challenge
- Article
- 24 May 2024
- ICAEW Insights
Understanding how clients’ tech systems are operating is vital due to the demands of the revised ISA 315, but there are many strategies and tools that can help.
How do you solve a problem like local audit?
- Article
- 13 May 2024
- Alison Ring
The Redmond review on local government audit is expected to report on 8 September, but who are the interested parties and what are their concerns?
Support SME audits with new standard for less complex entities
- Article
- 10 May 2024
- ICAEW
ICAEW has added its voice to renewed calls for a separate auditing standard for ‘less complex’ entities ahead of a crucial meeting of the International Auditing and Assurance Standards Board to decide on the issue.
LCE audit reform plans take a step forward
- Article
- 10 May 2024
- ICAEW
Plans for a simplified auditing standard for less complex entities moved a step closer this week
Technical new in brief November 2023
- Article
- 26 Apr 2024
- Emma Cross
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
Technical news in brief December 2023
- Article
- 26 Apr 2024
- Emma Cross
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
Why the resilience statement hasn’t gone away
- Article
- 17 Apr 2024
- ICAEW Insights
Despite the government dropping a requirement for UK plc to produce a resilience statement, some businesses still see the benefits of adopting its principles.
Exclusive
Unsung heroes, navigating career challenges to drive value
- Article
- 09 Apr 2024
- Steven Brown
ICAEW recently hosted a webinar where three experienced internal audit professionals shared their insights on the evolving landscape of internal audit, the skills needed to succeed in this field, and strategies for overcoming common challenges.
Exclusive
Integrated vs. coordinated assurance: Which is for me?
- Article
- 09 Apr 2024
- Michael Lucas
As organisations strive to enhance their risk management and governance practices, the concepts of integrated and coordinated assurance have gained prominence.
Exclusive
Empowering internal auditors to be bold and brave
- Article
- 09 Apr 2024
- Gavin Haves
The Chartered Institute of Internal Auditors (CIIA) has announced a consultation to revamp its two Codes of Practice (for financial services and non-financial services).
Stepping up to the challenge
- Article
- 08 Apr 2024
- Professional Standards Department
ICAEW’s Professional Standards Department (PSD) has recently made three new senior management appointments. We ask Sophie Wales, Director of Regulatory Policy, Sarah Brook, Director of Investigations, and Nick Reynolds, Head of Audit, about their new roles, and their priorities for the future.
Exclusive
Corporate Governance Developments for Internal Auditors
- Article
- 08 Apr 2024
- Carolyn Clarke
After what seems like a very extended waiting period we finally have the revised UK Corporate Governance Code (the Code) and associated Guidance.
A busy new tax year, plus progress on the Economic Crime Act
- Transcript
- 05 Apr 2024
- ICAEW Insights
In this episode, we discuss why the arrival of the 2024/25 tax year is particularly busy for accountants, and the main changes to be aware of from 6 April.
A busy new tax year, plus progress on the Economic Crime Act
- Podcast
- 05 Apr 2024
- ICAEW Insights
In this episode, we discuss why the arrival of the 2024/25 tax year is particularly busy for accountants, and the main changes to be aware of from 6 April.
ISQM1: early findings from quality assurance monitoring
- Article
- 04 Apr 2024
- Professional Standards Department
The International Standard on Quality Management 1 (ISQM1) replaced ISQC1 in December 2022 to help firms proactively manage audit quality. Over the last 15 months ICAEW Quality Assurance Department (QAD) reviewers paid close attention to how firms have adopted this new quality management system and provided relevant guidance where needed. We look at the early findings and highlight what QAD will be looking for in 2024.
We need audit reform from our next government
- Article
- 28 Mar 2024
- ICAEW Insights
ICAEW has given evidence to the Business and Trade Committee on the challenges of audit and corporate governance reform. Iain Wright, ICAEW’s Managing Director, Reputation and Influence, explains what’s needed.
Updated internal audit code to boost corporate governance
- Article
- 26 Mar 2024
- ICAEW Insights
Revised Internal Audit Code of Practice aims to empower internal audit by acting as a practical guide to supporting board disclosure on risk management and internal control frameworks.
Exclusive
The role of Internal Audit in ethical AI
- Article
- 21 Mar 2024
- Dimitris Kaskantanis
As AI progresses and gains wider acceptance, ethical considerations become increasingly significant. AI introduces ethical challenges across various domains, including democracy, justice and diversity and inclusion. This article explores these considerations, the associated risks, and the role internal auditors can play in promoting ethical conduct.
Top 5 take-aways from ICAEW ISQM 1 conference
- Article
- 20 Mar 2024
ICAEW were delighted to host the ISQM 1 - Maintaining Momentum conference in Chartered Accountants Hall on 21 November 2023 and would like to take this opportunity to thank all panellists and attendees for making the event a success.
Auditing going concern for public sector entities
- Article
- 19 Mar 2024
- ICAEW Insights
Should the current going concern audit requirements be relaxed for entities unlikely to disappear? A presumption some public sector bodies are a going concern could free up resources to audit areas that add more value.
2020/21 Reporting Season: letters of support – a guide for auditors
- Article
- 18 Mar 2024
- ICAEW Insights
The COVID-19 pandemic may place subsidiaries in financial difficulty, leading to a greater need for letters of support. ICAEW has produced a guide to help auditors navigate this potentially complex topic.
The new FRC Ethical Standard
- Article
- 13 Mar 2024
- ICAEW Insights
The Financial Reporting Council (FRC) published the Revised Ethical Standard 2019 in December. It aims to strengthen auditor independence, prevent conflicts of interest and, ultimately, improve audit quality. But what are some of the key changes for audit firms?
Brydon report: is finance ready for change?
- Article
- 12 Mar 2024
- Christian Doherty
The third major report into reforming the audit market in less than a year proposes a fundamental rethink, but where is the UK audit market heading?
Displaying 1-50 of 922 results