Displaying 1-50 of 936 results
Auditors’ obligations to report to the FCA
- Article
- 04 Nov 2024
- ICAEW
Following the first sanction imposed by the Financial Conduct Authority (FCA) on an audit firm for failing to comply with reporting obligations, ICAEW is reminding auditors of their statutory duty under the Financial Services and Markets Act 2000 to report to the financial regulator.
Masterclass 3: Making audit sampling more efficient and effective
- Article
- 30 Oct 2024
- ICAEW Insights
Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK outlines how generative AI can help ensure that audit sampling is being handled correctly.
Masterclass 1: Improving audit documentation
- Article
- 30 Oct 2024
- ICAEW Insights
Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK explains how generative AI can be used to better understand and document a client’s sales process.
How to prepare for an external audit in local government
- Article
- 25 Oct 2024
- ICAEW Insights
The mounting backlog in the publication of audited council accounts has shone the spotlight on external audit processes in local government.
Private equity investment in audit firms
- Article
- 25 Oct 2024
- Professional Standards Department
All audit registered firms considering a change of ownership to introduce private capital should engage with the Financial Reporting Council (FRC) and their recognised supervisory body (RSB) as early as possible.
Private equity investment in audit firms
- Article
- 25 Oct 2024
- Professional Standards Department
The Financial Reporting Council (FRC) recently published a letter explaining that any firm interested in, or considering a change of ownership to introduce private capital should engage with both the FRC and the firm’s recognised supervisory body (RSB) at the earliest opportunity. All such discussions will be in confidence. This requirement to engage with the FRC and the firm’s RSB applies to all audit-registered firms, and not just those firms that hold public-interest-entity authorisation with the FRC.
Exclusive
RICS' International Valuations Standards Agenda Consultation response: implications for accountancy professionals
- Article
- 23 Oct 2024
- Jonathan Fothergill
The International Valuation Standards Council (IVSC) plays a crucial role in establishing global standards for real estate valuation. The IVSC has published its 2024 Agenda Consultation, aiming to shape the future of the International Valuation Standards (IVS). This triennial consultation invites stakeholders to provide their input on key valuation topics that are crucial for the ongoing development of IVS.
Is your sustainability assurance house in order?
- Article
- 23 Oct 2024
- ICAEW Insights
Sustainability claims made by businesses are increasingly under the spotlight. How should internal audit work with external providers of assurance to ensure material controls are fit for purpose?
CPD made easy for members in internal audit
- Article
- 22 Oct 2024
- ICAEW
ICAEW’s revised CPD regulations came into effect on 1 November 2023. Here’s some helpful information to get started.
AI adoption challenges: an ethical dilemma for auditors
- Article
- 16 Oct 2024
- ICAEW Insights
Artificial intelligence offers a lot of opportunities for audit firms and practitioners, but implementing AI solutions into audit functions comes with some complicated considerations.
Big Four firms conclude operational separation transition
- Article
- 11 Oct 2024
- ICAEW Insights
The four largest audit firms have finished their transition period of operational separation, according to The Financial Reporting Council (FRC).
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.
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.
ISQM1 quality assurance monitoring update
- Article
- 07 Aug 2024
- Professional Standards Department
All audit firms should have completed a first evaluation of their system of quality management (SOQM) by 15 December 2023. Further evaluations must be performed at least annually. This is an area of focus by the FRC, and our quality assurance reviewers 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. We summarise what our Quality Assurance Department is looking for in this area, which issues would cause concern and how engaging with our reviewers can help you avoid recurrences.
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.
Displaying 1-50 of 936 results