Consultation: FRC's Market study into SME audit and reporting challenges

ACCA welcomes the opportunity to respond to the FRC’s Small and medium-sized enterprises market study.

Accounting for a better world: An ACCA policy prospectus for the Republic of Ireland

ACCA lays out a plan for a thriving economy: a sustainable and just transition, and a framework for growth

Accounting for a better world: An ACCA policy prospectus for the UK

ACCA lays out a plan for a thriving economy: a sustainable and just transition, and a framework for growth

Consultation: Chartered IIA Internal Audit Code of Practice draft

ACCA welcomes the IIA’s Proposed Global Internal Audit Standards and commends the IIA for moving forward with the revisions. We are very pleased that the IIA’s revisions also aim to enhance the Internal Audit profession’s role in the public interest.

Consultation on the Proposal of the New Audit Exemption Criteria for Private Companies in Malaysia

ACCA appreciates the opportunity to offer feedback on the proposed new audit exemption criteria for private firms in Malaysia, as outlined in the consultative document published by the Companies Commission of Malaysia (SSM) on 7 February 2024.

Consultation: FRED 85 Draft Amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle

ACCA welcomes the opportunity to comment on the Financial Reporting Council (FRC) Exposure Draft 85 Draft amendments to FRS 101 Reduced Disclosure Framework 2023/24 cycle (FRED 85).

Audit Standards Amendment - Amendments to ISA 250 section A and B - revision of auditing standards to enhance useability and informativeness of the audit

ACCA welcomes the opportunity to comment on the proposals issued by the FRC. We support the enhancement of the auditor requirements aimed at detecting and reporting material misstatements resulting from non-compliance with laws and regulations. Updating the standard in this way will undoubtedly enhance the quality of audit processes, offering users greater assurance that potential material misstatements have been thoroughly assessed and leading to increased stakeholder confidence in the quality of audits carried out. We also commend the transition to a risk-based approach, allowing auditors to focus on laws and regulations that are most likely to have a material impact on the financial statements.

ACCA's response to FRED 84 Draft Amendments to FRS 102

ACCA welcomes the opportunity to respond to the FRC’s invitation to comment on the draft amendments to FRS 102. ACCA is supportive of the proposed amendments. ACCA has consistently been an advocate for improved reporting on poor payment practices.

Consultation: Guidelines for the Recognised Accountancy Bodies when performing the Approval and Registration function in respect of Statutory Auditors and Audit Firms

ACCA welcomes the opportunity to comment on the proposed Guidelines for the Recognised Accountancy Bodies (RABs) when performing the Approval and Registration function in respect of Statutory Auditors and Audit Firms.

Consultation: Proposed amendments to Audit Enforcement Procedures

ACCA welcomes the opportunity to comment on The Audit Enforcement Procedure Consultation on Proposed Amendments to the procedure and related guidance (Consultation Document) issued by the Financial Reporting Council (FRC) on 3 April 2023.

Consultation: FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review

ACCA welcomes the opportunity to provide views in response to the FRC’s exposure draft (ED) (‘FRED 82’) for draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs (‘the Standards’) – Periodic Review

Consultation: IAASB's Strategy and Work Plan 2024-2027 

ACCA welcomes the IAASB’s Proposed Strategy and Work Plan 2024 – 2027 and commends the IAASB for its significant standard setting progress during the last few years across numerous projects such as ISA for LCE, Audit Evidence, Fraud, Going Concern, Sustainability Assurance etc. all of which are of responsive to public interest demands.

FRC's Draft Minimum Standards for Audit Committees

ACCA welcomes the opportunity to comment on the proposals issued by the FRC. The ACCA Global Forums for Audit and Assurance, and for Governance, Risk and Performance have considered the matters raised and their views are represented in the following response.

Proposal to Revise ISA (Ireland) 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

ACCA welcomes the opportunity to respond to the Proposal to Revise ISA (Ireland) 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

Funding the Audit, Reporting and Governance Authority - FRC consultation

ACCA welcomes the opportunity to comment on the FRC’s proposals for funding the Audit, Reporting and Governance Authority (ARGA).

IAASB's Exposure Draft proposed narrow scope amendments to ISA 700 and ISA 260 - consultation response

This submission is made jointly by Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) under our strategic alliance.

Public Audit Forum's consultation on Practice Note 10

Read ACCA's submission on the proposed updates to the statement of recommended practice on the audit of financial statements and regularity of public sector bodies in the UK

IESBA’s Exposure Draft (ED) Proposed Technology-Related Revisions to the Code

Submission on IESBA’s Exposure Draft (ED) Proposed Technology-Related Revisions to the Code. This submission is made jointly by Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) under our strategic alliance.

IAASB Exposure Draft, Proposed International Standard on Auditing of financial statements of LCEs

ACCA and CA ANZ joint response welcomes the opportunity to comment on the IAASB’s ED-ISA for LCEs (the ED).

ACCA's response to BEIS consultation - Restoring trust in Audit and Corporate Governance

ACCA welcomes the consultation on the Government’s proposals for restoring trust in audit and corporate governance and its aim to improve the wider financial reporting ecosystem as a whole. It is vital that the UK economy has efficient and effective capital markets and there is confidence and trust in the corporate framework. We welcome any opportunity to be involved in the next steps and remain committed to providing our support as the Government proceeds with the implementation of its proposals.

Working Together for the Planet: Audit & assurance of sustainability information

ACCA, ECIIA, Deloitte and AccountancyEurope online event on audit & assurance of sustainability information

FRC clarifies going concern guidance

The Financial Reporting Council has clarified its guidance for auditors during the Covid-19 crisis, confirming going concern standards have not changed

FRC Proposed International Standard on Auditing (UK) 240 (Revised 2021)

ACCA welcomes the proposed International Standard on Auditing (UK) 240 (Revised 2021), The Auditor’s responsibilities Relating to Fraud in Audit of Financial Statements, as part of the FRC’s response to the concerns regarding the lack of clarity in the standard as to the auditor’s obligations raised particularly in the Brydon’s report.

IESBA Proposed Revisions to the Non-Assurance Services (NAS) Provisions of the Code

ACCA and CA ANZ joint response on the proposals to revise the non-assurance services (NAS) provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

IESBA Proposed Revisions to the Fees-Related Provisions of the Code

ACCA and CA ANZ joint response to IESBA's Exposure Draft aimed at strengthening the fee-related independence provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

Covid-19 and client due diligence

CCAB has released supplementary AML guidance for urgent work undertaken during the pandemic

Sir Tony Redmond's review of local authority financial reporting and external audit: call for views

ACCA's response to the call for views on the independent review into the arrangements in place to support the transparency and quality of local authority financial reporting and external audit in England led by Sir Tony Redmond.

FRC Post Implementation Review of the 2016 Auditing and Ethical Standards

ACCA response to The Financial Reporting Council (FRC) consultation proposing important changes to the UK’s Ethical and Auditing Standards. The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections. In response to feedback from investors, the FRC also proposes to enhance the quality and content of auditor’s reports in order to improve transparency about what is found in the course of an audit.

Statutory audit services: initial consultation on the Competition and Markets Authority recommendations

ACCA response to BEIS consultation on the CMA’s recommendations to improve audit quality, competition and resilience in the statutory audit services market. These recommentions can be found on the Competition and Markets Authority (CMA) final report published on 18 April 2019.

IAASB’s Proposed International Standard on Quality Management 2 (ED-ISQM 2)

ACCA and CA ANZ joint response supports the IAASB’s efforts to continuously improve audit quality. How audit firms manage audit quality is a key component to achieving audit quality. To read in full, please download the consultation response.

IAASB’s Proposed International Standard on Quality Management 1 (ED-ISQM 1)

ACCA and CA ANZ joint response supports the quality management approach which can be described as a more “thinking” approach in comparison to ISQC1. We are also supportive of a risk assessment based approach, subject to specific concerns on aspects of the proposals. We also believe that separating ISQC 1 into two standards is sensible. Our detailed comments on ED-ISQM2 are available in our separate submission letter on that ED.

IAASB’s Proposed International Standard on Auditing 220 (Revised) Quality Management for an Audit of Financial Statements

ACCA and CA ANZ joint response welcomes the opportunity to comment on Proposed International Standard on Auditing 220 (Revised) Quality Management for an Audit of Financial Statements (ED-220). It is important that the process for managing audit quality at the engagement level continuously evolves along with the management of audit quality at the firm level.

IAASB consultation paper on Extended External Reporting Assurance

ACCA and CA ANZ joint response to IAASB's consultation paper on Extended External Reporting Assurance (EERA)

BEIS consultation on the Independent Review of the FRC

Initial consultation on the recommendations by the Department for Business, Energy & Industrial Strategy (BEIS).

Independent Review into the quality and effectiveness of audit - call for views

We welcome Sir Donald Brydon’s independent review into the quality and effectiveness of audit. It is vital that the UK economy has efficient and effective capital markets and there is confidence in the corporate framework through greater transparency which works in the context of a global economy.

IAASB Proposed Strategy for 2020-23 and Work Plan for 2020-21

ACCA and CA ANZ joint response to IAASB's Proposed Strategy for 2020-23 and Work Plan for 2020-21

Representing members

This page lists recent representation and submissions made by ACCA and CCABI on members behalf

Proposed International Standard on Related Services 4400 (Revised), Agreed-Upon Procedures Engagements

ACCA CA ANZ joint response to IAASB's proposed International Standard on Related Services 4400 (Revised)

Technical factsheet: guidance on access to information by successor auditors

Guidance on the procedure expected to be followed by ACCA members and member firms whenever the office of statutory auditor changes (and access to information held by the predecessor auditor) is sought.

The impact of Digital and Artificial Intelligence on audit and finance professionals: harnessing the opportunities of disruptive technologies

To address the myths and fears around AI and the role of humans in the value chain, ACCA and EY held a lively roundtable on how to harness the opportunities offered by these new disruptive technologies.

Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement

ACCA CA ANZ joint response broadly supports the proposed methodology, which we believe has the capacity to enhance the auditor’s risk assessment procedures, and therefore increase audit quality.

Statutory audit market study

Comments from ACCA to a public consultation issued by the Competition & Markets Authority.

Independent Review of the Financial Reporting Council: call for evidence

ACCA's response to Independent Review of the Financial Reporting Council: call for evidence.

Key audit matters: unlocking the secrets of the audit

This report reviews the first-year implementation of the IAASB's revised auditor reporting standards. It finds that these standards not only provide better information for investors, but also encourage improvements throughout the financial reporting chain.

Tenets of a quality audit

This report sets out the factors that contribute to a quality audit and identifies how these factors are interrelated. It calls for a debate on how to resolve these tensions and maximise audit quality.

ACCA individual and ACCA CA ANZ joint responses to Monitoring Group consultation

ACCA response and ACCA-CAANZ joint response to the Monitoring Group public consultation: Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest.

Tenets of good corporate reporting

This report sets out ACCA's views on the characteristics that make for good corporate reporting and on some key general issues that also affect it, including the need for global standards, for a mixture of fair value and historical cost, prudence and the need for reporting to cover more than the financial statements.

Professional scepticism: inside the mind of the auditor

Event Invitation to Professional scepticism: inside the mind of the auditor in Brussels on 17th October

Embracing transparency - enhancing value: A first year review of the enhanced auditors report in Singapore

This study examines how auditors have implemented the enhanced auditor reporting in Singapore and how those enhanced auditor's reports (EARs) have influenced the disclosures in our annual reports.

Proposed International Standard on Auditing 540 (Revised)

Joint submission by Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants, responding to an exposure draft issued for public consultation by the International Auditing and Assurance Standards Board (IAASB) - on Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures

ACCA response to FRC Proposals to make minor revisions to ISA UK 330 and Withdraw Practice Note 16

ACCA's response to FRC's proposals to: Make minor revisions to ISA (UK) 330 (Revised June 2016) The Auditor’s Responses to Assessed Risks and ISA (UK) 505 External Confirmations; and Withdraw Practice Note 16 – Bank Reports for Audit Purposes in the United Kingdom

Banishing bias? Audit, objectivity and the value of professional scepticism

This report explores the importance of cognitive biases to the audit process. It explains how these biases are central to improving the exercise of professional scepticism and to understanding the fundamental ethical principle of objectivity.

Exploring the Demand for Agreed-Upon Procedures Engagements

ACCA welcomes the opportunity to comment on the discussion paper issued by the International Auditing and Assurance Standards Board (IAASB) on Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services and the Implications for the IAASB’s International Standards.

Exploring the Growing Use of Technology in the Audit

ACCA comments on the consultation paper issued by the International Auditing and Assurance Standards Board (IAASB) on Exploring the Growing Use of Technology in the Audit, with a focus on Data Analytics.

Supporting Credibility and Trust in Emerging Forms of External Reporting Ten Key Challenges for Assurance Engagements

ACCA comments on the discussion paper issued by the International Auditing and Assurance Standards Board (IAASB) on supporting credibility and trust in emerging forms of external reporting (EER).

Third Country Auditor Deregistration Procedures

ACCA has responded to a public consultation issued by the Financial Reporting Council (FRC) on Third Country Auditor Deregistration Procedures.

2017-2019 PIOB Strategy

ACCA response to the Public Interest Oversight Board's invitation to comment on the 2017-2019 PIOB Strategy

Directors’, CFOs’ and auditors’ perceptions of audit quality

This report compares the perceptions of auditors, CFOs and directors on the relative importance of 10 key audit quality attributes identified by prior research.

All aboard the transparency express

A report providing an overview of the recent changes to audit in Singapore due the adoption of the International Standards on Auditing (ISAs) pertaining to auditor's reports - the 700 series.

ACCA response to the IAASB consultation on Enhancing Audit Quality in the Public Interest

ACCA responds to the IAASB public consultation on Audit Quality

ACCA response to the FRC's consultation on, Enhancing confidence in audit

ACCA responds to the FRC's consultation on, Enhancing confidence in audit - the Financial Reporting Council’s audit enforcement procedures.

Future of audit

The idea of audit as a single, universal service that is the same for all types of entity anywhere in the world, is under unprecedented strain.

CAA/ATOL reporting

New obligations will apply from April 2016

The challenges of assuring integrated reports: views from South Africa

This report focuses on the issue of independent assurance: can and should independent assurance be delivered on in the same way as it is on conventional annual reports and financial statements?

Proposed International Standards on Auditing: ISA 800 (Revised) and ISA 805 (Revised)

Comments from ACCA to the International Auditing and Assurance Standards Board.

The drivers of audit quality

ACCA and Macquarie University conducted an online survey about perceptions of CFOs, auditors and company directors on the drivers of audit quality.

Charities

Changes to the audit requirement for charities have been announced, with the government stating that implementation of the changes will be brought forward.

Auditing and ethical standards – implementation of the EU audit directive and audit regulation

Comments from ACCA to the Financial Reporting Council.

Engagement partners

International Education Standard 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) is aimed at IFAC bodies but should also be considered by firms and engagement partners.

Proposed changes to certain provisions of the Code addressing the long association of personnel with an audit or assurance client

Comments from ACCA to the International Ethics Standards Board for Accountants.