Contents
- Need to know
- Appointment and engagement terms
- Audit exemption
- Auditing accounting estimates
- Group audits
- Professional scepticism and judgement
- Quality management
- Reporting and completion
- Risk assessment, internal control and response to risks in external audit
- Supporting audit quality
- Technology and audit
Need to know
Guide to the auditing implications of the war in Ukraine
- Helpsheets and support
- 15 Mar 2022
The situation in Ukraine is changing daily, as is the reaction by the UK government and international community. We take a look at some of the key considerations for auditors.
Using tech to enhance audit
- Article
- 15 Jul 2022
The rate of technology adoption has accelerated during and post-pandemic as firms have engaged with new ways of working. How are these ever-changing tools reshaping audit?
Using an electronic signature to sign an audit report
- Helpsheets and support
- 09 Jul 2020
This guide was developed by the Audit and Assurance Faculty with the Business Law Department in July 2020 and is based on the relevant laws and regulations that apply as at 1 July 2020.
Appointment and engagement terms
Exclusive
Remote auditing - administration
- 15 Jul 2020
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on audit administration.
Exclusive
Engagement letters and privacy notices
- Helpsheets and support
- 01 Jul 2016
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
Exclusive
Agreeing the terms of audit engagements
- Helpsheets and support
- 24 Oct 2017
ISA 210 sets out the requirements for agreeing audit engagement terms. This guide looks at the requirements and highlights potential implementation challenges for auditors.
Exclusive
The importance of achieving audit objectives
- Helpsheets and support
- 24 Oct 2017
ISA 200 highlights the importance of objectives in auditing standards. Understanding ISA 200 is fundamental to understanding the challenge of implementing ISAs. This guide seeks to help auditors understand the overall objectives of the auditor and how they relate to the individual objectives and requirements in ISAs, and the role of professional judgement and scepticism.
Audit exemption
Audit exemption eligibility
- Article
- 04 Jan 2017
Learn whether your organisation qualified for audit exemption for reporting periods beginning on or after 1 January 2016, under the Companies Act 2006 as amended by SI 2015/980. ICAEW's Technical Advisory Service provides guidance covering: group eligibility; eligibility of UK subsidiaries; and audit exemption conditions.
Filing requirements for audit-exempt organisations
- Listing
- 05 Feb 2019
Read about preparing financial statements for audit-exempt organisations, including filing requirements
Alternative services for audit-exempt organisations
- Helpsheets and support
- 18 Dec 2018
Learn more about other services and forms of assurance that may be of benefit to audit-exempt organisations.
Auditing accounting estimates
How are accounting estimates picked up in risk assessments?
- Article
- 29 Oct 2021
Understanding the entity, its environment and internal controls.
Exclusive
Inherent risk factors in auditing accounting estimates
- Helpsheets and support
- 04 Jul 2019
What are they and how might they influence your audit of accounting estimates.
The spectrum of inherent risk
- Article
- 04 Nov 2021
Understanding the new concept and how this can be applied.
Exclusive
Determining high estimation uncertainty and significant risk
- Helpsheets and support
- 12 Jun 2018
How to identify whether any risks of material misstatement identified give rise to significant risks.
See the Faculty's latest webinars, technical releases and publications
As a member of the Audit and Assurance Faculty, you have access to a range of exclusive guidance and support. This includes:
- Audit and Beyond Events
- Technical releases
- Thought leadership
- Webinars
Group audits
Guide to the impact of the war in Ukraine on group auditors
- Helpsheets and support
- 24 Mar 2022
This guide explores issues faced by UK group auditors with overseas component auditors in light of the Ukraine conflict.
Coronavirus (COVID-19): Considerations for group auditors
- Helpsheets and support
- 01 Mar 2021
This Audit and Assurance Faculty Know-How guide explores COVID-19 issues faced by UK group auditors with overseas component auditors. It offers practical considerations in relation to the work of component auditors to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions with similar requirements.
Audit & Beyond archive
- Hub page
- 10 Jun 2020
Providing valuable content, best practice and topical issues within the profession.
Preparing an audit report for a group - combined audit report for the group and parent company
- Helpsheets and support
- 01 Sep 2018
This guide is designed to explain the main changes that are needed to the audit report of a group compared to that of a company only.
Professional scepticism and judgement
Exclusive
Remote auditing – professional scepticism, fraud and error
- 15 Jul 2020
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on professional scepticism, fraud and error.
Coronavirus considering going concern
- Helpsheets and support
- 30 Apr 2020
The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.
Scepticism: the practitioners' take
- Thought leadership report
- 25 Jun 2018
Professional scepticism is central to the work of auditors and yet audit regulators and others continue to express concerns that auditors are not sufficiently sceptical. This report explores what auditors and other stakeholders think about how it can be enhanced and who is responsible for it.
Quality management
Countdown to ISQM 1 – is your practice ready?
- Podcast
- 16 Nov 2022
In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.
ISQM 1 implementation deadline draws near
- Article
- 16 Nov 2022
Not started yet or in need of further help? Don’t despair, ICAEW shares key resources for small practitioners on ISQM implementation to get you on your way.
Overview of standards
- Helpsheets and support
- 10 Feb 2022
Key changes, effective date and overview of the Quality Management Standards.
Getting started with ISQM 1
- Helpsheets and support
- 10 Feb 2022
Steps firms can take now on their quality management journey.
Reporting and completion
How to report on irregularities, including fraud, in the auditor’s report – a guide for auditors
- Helpsheets and support
- 09 Oct 2020
This Know-How guide from ICAEW’s Audit and Assurance Faculty covers what irregularities are, how the requirements have changed in ISA (UK) 700 (Revised January 2020), what should be reported on in the auditor’s report, and how COVID-19 may impact what is reported.
How to report an emphasis of matter under COVID-19: a guide for auditors
- Helpsheets and support
- 05 Aug 2020
An auditor may conclude that a matter disclosed in the financial statements is so important that it is fundamental to users’ understanding of those financial statements. In this case an emphasis of matter paragraph will be included in the auditor’s report, which draws the reader’s attention to the entity’s disclosures.
Using an electronic signature to sign an audit report
- Helpsheets and support
- 09 Jul 2020
This guide was developed by the Audit and Assurance Faculty with the Business Law Department in July 2020 and is based on the relevant laws and regulations that apply as at 1 July 2020.
Exclusive
Reporting in an ISA audit
- Helpsheets and support
- 24 Oct 2017
IAASB issued a suite of revised and new auditor reporting standards (ISAs) addressing the audits of complete sets of general purpose financial statements in 2015. The changes mainly focus on increasing transparency about the audit performed. This guide outlines the key requirements for auditors.
Risk assessment, internal control and response to risks in external audit
Introducing the new risk assessment ISA for 2022 audits
- Article
- 14 Jan 2020
14 January 2020: the IAASB has issued ISA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement.
Risk assessment and response to risks in external audits understanding and applying the requirements
- Helpsheets and support
- 18 Nov 2019
An overview of the relevant requirements, challenges and developments in risk assessment.
Materiality in the audit of financial statements
- Helpsheets and support
- 08 Jun 2017
Applying the materiality requirements in International Standards on Auditing (ISAs) can be challenging. As highlighted in inspection findings, reviews and from experience in practice, it’s an area where improvement could be made.
Supporting audit quality
Exclusive
Remote auditing – remote team working
- 15 Jul 2020
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on remote team working, quality control and IT security.
Exclusive
Remote auditing – obtaining evidence
- 15 Jul 2020
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on obtaining evidence.
Remote auditing in practice
- Research guide
- 06 Jul 2020
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This Audit and Assurance Faculty Know-How guide focuses on lessons learned from COVID-19 on the practicalities of audits conducted remotely.
Considerations for remote inventory audit testing
- Article
- 01 Mar 2021
This guide from ICAEW's Audit and Assurance Faculty looks at considerations for auditors when performing remote inventory audit testing.
Technology and audit
Exclusive
Unsung heroes, navigating career challenges to drive value
- Article
- 09 Apr 2024
ICAEW recently hosted a webinar where three experienced internal audit professionals shared their insights on the evolving landscape of internal audit, the skills needed to succeed in this field, and strategies for overcoming common challenges.
Exclusive
The role of Internal Audit in ethical AI
- Article
- 21 Mar 2024
As AI progresses and gains wider acceptance, ethical considerations become increasingly significant. AI introduces ethical challenges across various domains, including democracy, justice and diversity and inclusion. This article explores these considerations, the associated risks, and the role internal auditors can play in promoting ethical conduct.
What Horizon tells us about ethics and technology
- Article
- 15 Feb 2024
There are lessons to be learned from the Post Office Horizon scandal about the ethical issues that can arise from the technology we use.
Boards must seek assurance on supply chain security
- Article
- 10 Jan 2024
A new report paints a stark picture of the potential fallout for businesses and consumers from supply chain disruption, including empty shelves, damaged reputations and business losses.
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