Policy and influence
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BEIS Committee recommendations on capital maintenance
An opinion piece on the BEIS Committee’s report on the future of audit.
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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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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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ICAS / CPA audit symposium: Toronto
Integrity and collaboration key features at ICAS/CPA Canada Audit Symposium
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Towards Transparency
Assurance on KPIs – download our practical guide for audit committees and boards.
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Balanced and reasonable Report
Download the Balanced and reasonable discussion paper - the paper explores some key issues and suggests how the provision of a positive might be achievable.
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The future of assurance report
Download The Future of Assurance Report - The report calls for change in order to provide greater transparency and accountability to shareholders and others.
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Assurance on management commentary: Where next?
Feedback and comments on Balanced and Reasonable paper
