News in Audit and assurance
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FRC to revise fraud standard
We highlight the FRC’s proposals to revise International Standard on Auditing (ISA) (UK) 240.
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Climate change risks in audits
Recent guidance from the IAASB on the consideration of climate-related risks in an audit of financial statements.
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UK adopts ISAE 3000
This article highlights the UK adoption of International Assurance Standard ISAE 3000.
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MG recommends revision of audit and ethics SSBs
We highlight the Monitoring Group’s recommendations for revising the international audit and ethics standard-setting system.
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FRC review: Going concern policies
FRC review reveals audit firms have introduced additional measures to enhance their evaluation of companies’ going concern assessments
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Response to FRC audit tech paper
ICAS responds to the FRC discussion paper: ‘Technological resources: using technology to enhance audit quality’
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Operational Separation
We highlight the FRC principles for operational separation of the audit practices of the Big Four firms.
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IAASB TWG publishes guidance on documentation
We highlight material from IAASB’s TWG: Audit documentation when using automated tools and techniques.
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Audit and corporate governance reform
We highlight BEIS proposals to expand the types of entity within scope of the definition of a public interest entity (PIE).
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FRC reports on use of technology in audit
The Financial Reporting Council (FRC) has published an Audit Quality Review (AQR) paper on the use of technology in the audit of financial statements
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Brexit transition period
We highlight information for auditors and firms jointly issued by the FRC and BEIS now that the UK has left the EU.
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Coronavirus guidance for auditors
We highlight the guidance issued by the FRC on 16 March 2020, for auditors.
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FRC update
We highlight a number of recent announcements from the Financial Reporting Council.
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Internal Audit Code of Practice
Alan Simpson gives a short introduction to the new Internal Audit Code of Practice.
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Cyber Survey 2019
Alan Simpson CA highlights some of the key findings from the latest cyber security breaches survey.
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Internal controls
ICAS summarises Brydon’s recommendation for introducing a UK version of Sarbox and his proposals on internal audit.
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Fraud protection and detection
ICAS summarises Brydon's proposal for a package of measures around fraud detection and prevention.
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APMs and KPIs
ICAS summarises Brydon’s proposals on Alternative Performance Measures and Key Performance Indicators.
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Purpose of audit redefined
Anne Adrain, ICAS Head of Sustainability and Assurance, summarises the recommendation for a redefinition of audit and its purpose.
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Brydon review published
Brydon publishes his report on the quality and effectiveness of audit.
