News in Audit and assurance
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BEIS Committee report
"The Business, Energy and Industrial Strategy (BEIS) Committee has issued its report and recommendations for the reform of the UK audit market."
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Shaping the future of audit
Mike McKeon and Michelle Mullen discuss the latest proposals for audit reform and what impact they will have on the profession.
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Audit quality is paramount
In the ICAS response to the CMA and BEIS we have reiterated that audit quality has to be the overriding objective. We highlighted to the CMA areas where it needs to provide greater clarity to the evidence in support of its conclusions, and the remedies it has proposed.
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UK audit market overhaul key points
UK authorities have published reports that set out their proposals for the future of the UK audit market.
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ICAS/CPA Canada future of audit
"In 2017, ICAS and the Chartered Professional Accountants of Canada (CPA Canada) hosted a symposium on what audit and assurance could look like in the future."
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Audit should be part of holistic review
ICAS has submitted its response to the CMA on the large company audit market in the UK. Our response to Sir John Kingman’s review of the FRC and previous ICAS publications informed our submission. Our key messages to the FRC are set out below.
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ICAS vision for a refreshed FRC
"ICAS has set out a vision for the Financial Reporting Council (or a successor body), centred around establishing a new core purpose to generate enhanced public trust in Public Interest Entities (PIE) and the audit profession."
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Future of assurance in 2018
"In 2010, ICAS established a working group in the aftermath of the global financial crisis in recognition that the crisis had damaged faith in both corporate reporting and assurance. With auditors once again under the spotlight we revisit the paper to assess to what extent they have influenced the current corporate reporting and assurance environment."
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Review of audit sector
The Competition and Markets Authority (CMA) has launched a detailed study of the UK audit sector to examine concerns that it is not working well for the economy or investors.
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Audit debate off and running
"On Monday I published an article on icas.com called “The critical question in the audit debate”. Since publication (and that was only two days ago!) we have heard that the FRC is going to undertake a further review on the scope of audit; the CMA has announced a market review; and Greg Clark, the BEIS Minister, has asked Sir John Kingman to add the audit procurement process to his remit."
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Internal audit: outsource v inhouse
What types of outsourcing arrangements are often used? We review the pros and cons of outsourcing internal audit versus keeping it in-house.
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Crypto, blockchain and bitcoin
Alan Simpson CA summarises some of key characteristics of these concepts.
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Risk assess your audit universe
Why risk assess the internal audit universe and how should you carry out such a risk assessment? Steve Bruce CA finds out.
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Are ISAs fit for all
Are ISAs sufficiently scalable for smaller and less complex entities? A new paper highlights this issue for further discussion and debate.
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Link between external and internal audit
The working relationship between internal audit and external audit explained.
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Internal v external audit
Some ICAS members may specialise in either internal or external audit; equally, some might be involved in both areas. This article looks at some of the major differences between the two.
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What is an internal audit universe?
"Is an internal audit universe required and if so, how do you establish and maintain this universe?"
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10 computer-hacker terms
Hacking with the objective of financial gain or some subversive political motive is very topical.
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Micro-entity filing guidance
ICAS has produced guidance for members to assist them when filing accounts with Companies House on behalf of their micro entity clients.
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Can culture be audited?
Should internal audit perform an audit of culture and the different approaches and challenges of doing so.
