Proposed changes to UK Audit Regulations
ICAS, ICAEW and CAI recently launched an open consultation for all firms with a UK audit registration in relation to proposed changes to the UK Audit Regulations.
The UK Audit Regulations are issued jointly by Chartered Accountants Ireland (CAI), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS). This consultation is being hosted by ICAEW.
The consultation proposes to make changes to the UK Audit Regulations which would require UK audit registered firms to notify their registering body when they are appointed as auditors to certain entities.
Firms would also need to notify their body when audit fees are significantly higher than fees in the firm’s existing portfolio. The purpose is to increase the transparency of the movement of these audits between audit firms.
The consultation is available to read here. Feedback can be provided via the online consultation portal by 6 September 2024.
Following completion of the consultation process, revised regulations are expected to come into effect in early 2025.
