ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

FRC publishes thematic review of audit sampling 

Audit and Assurance | 24 November 2023 

The Financial Reporting Council (FRC) has published its thematic review of audit sampling. The FRC reviewed the sampling methodologies of the largest audit firms to identify areas of good practice and highlight concerns that will drive improvements.  

FRC published its annual review of corporate governance reporting 

Financial Reporting | 16 November 2023 

The Financial Reporting Council (FRC) has published its latest Annual Review of Corporate Governance Reporting which finds ongoing improvements in the quality of reporting against the UK Corporate Governance Code, but also identifies areas where many companies can improve. 

FRC publishes review of companies’ IFRS 17 disclosures 

Financial Reporting | 15 November 2023 

The Financial Reporting Council (FRC) has published its thematic review of companies’ first time application of IFRS 17, a new and fundamental change in accounting for insurance contracts. The FRC reviewed the interim financial statements of ten companies and overall was pleased with the quality of IFRS 17 disclosures. 

IFAC releases sustainability checklist for small businesses

Audit and Assurance | 14 November 2023 

The International Federation of Accountants (IFAC) released a Small Business Sustainability Checklist to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations.  

FRC publishes 2024 taxonomy suite 

Financial Reporting | 9 November 2023 

The Financial Reporting Council (FRC) has published the 2024 suite of FRC taxonomies. This incorporates changes to all the FRC’s taxonomies – UK IFRS, FRS 101, FRS 102, UKSEF and Charities.  

Proposed changes to the IFRS Accounting Taxonomy 2023

Financial Reporting | 6 November 2023 

The IFRS Foundation has published IFRS Accounting Taxonomy 2023—Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update. The update aims to support high-quality digital tagging of information. Deadline for comment 5 January 2024.  

IFAC Quality Management Toolkit

Audit and Assurance | 6 November 2023 

The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have released a quality management toolkit to help small and medium-sized practices implement the IAASB suite of quality management standards. The Quality Management Toolkit for Small and Medium-Sized Firms includes a suite of illustrative documents, policies, checklists, sample letters and forms to help establish quality objectives, assess quality risks and design and implement responses.