Corporate Governance Code

The new Code has been published and applies to accounting periods beginning on or after 1 October 2014 for all companies with a premium listing of equity shares regardless of whether they are incorporated in the UK or elsewhere.

Solicitors Account Rule Changes – an update

In the main the SRA will continue to require accountants reports to be prepared but will ONLY require Solicitors to submit qualified accountants reports with them.

Proposed changes to the international standards on auditing (ISAs) addressing disclosures in the audit of financial statements

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

Telling the story clearly

Paul Cooper explains how the IASB’s disclosure project is seeking to ‘declutter’ annual financial statements so that their messages come across clearly.

Accountancy and actuarial disciplinary schemes

Comments from ACCA to the Financial Reporting Council.

The auditor's responsibilities relating to other information

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

Local government audit

Comments from ACCA to the Department for Communities and Local Government.

Breaking out: public audit’s new role in a post-crash world (an English perspective)

This paper summarises an ACCA roundtable in Westminster in April 2014, discussing audit and accountability.

CAA announces consultation on regulation of ATOL members

The CAA is consulting industry on proposals to rebalance the regulatory approach to the Air Travel Organisers’ Licensing (ATOL) scheme.

Reporting for academies

Academies Accounts Direction 2013 to 2014 is a reference pack for academy trusts to use when preparing their annual reports and financial statements for accounting periods ending on 31 August 2014. It also supports auditors with their audit of the financial statements.

True and Fair statement published by FRC

The Financial Reporting Council (FRC) has published a statement to confirm that the requirement to present a true and fair view remains of fundamental importance in IFRS and UK GAAP, including the new UK standards FRS 100 -103.

The drivers of audit quality: auditors’ perceptions

This report summarises the findings of an online survey conducted by ACCA and Macquarie University into auditors’ perceptions about the drivers of audit quality. It forms part of a three-part project investigating perceptions of CFOs, auditors and company director’s.

Improving confidence in the value of audit

The FRC has published a research report into the current perceptions of the value of company audit.

The drivers of audit quality: views from Australian CFOs

This report summarises the findings of an online survey conducted by ACCA and Macquarie University into the views of Australian CFOs about the drivers of audit quality. It forms part of a three-part project investigating perceptions of CFOs, auditors and company director’s.

Financial Conduct Authority (FCA) - Audit requirements for FCA regulated firms

The Financial Conduct Authority (FCA) has produced useful guidance on its website regarding the audit of firm's which it regulates.

The IAASB’s proposed strategy for 2015–19 and proposed work program for 2015–16

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

Breaking out: public audit’s new role in a post crash world

In this paper, contributors from Scotland to Bhutan are upbeat as they reflect on their role in accountability and improving public services. They also speak about improving public engagement and strengthening scrutiny and public service effectiveness.

Audit quality - IAASB's Framework

The International Auditing and Assurance Standards Board (IAASB) has developed a Framework for Audit Quality.

Enhancing the value of the audit committee report

Using examples drawn from current practice, this paper explores how a small sample of FTSE 100 company audit committees address the external audit aspects of the reporting responsibilities assigned to them by The UK Corporate Governance Code.

Draft code of audit practice and statement of practice for Wales

Comments from ACCA to Wales Audit Office, February 2014

Improving the transparency of audits: proposed amendments to PCAOB auditing standards to provide disclosure in the auditor’s report of certain participants in the audit

Comments from ACCA to the Public Company Accounting Oversight Board, February 2014

Guide to Review Engagements

IFAC have issued a Guide to Review Engagements, which coincides with the coming into effect of the updated standard ISRE 2400 (Revised).

Assurance Engagements

International Standard on Assurance Engagements (ISAE) 3000 has been revised.

Docket matter no. 034, proposed auditing standards (auditor reporting)

Comments from ACCA to the Public Company Accounting Oversight Board.

Reporting on audited financial statements: proposed new and revised international standards on auditing

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

Insurance contracts: ED/2013/7

Comments from ACCA to the International Accounting Standards Board (IASB), October 2013

Audit tendering

FRC has issued PN067: Audit Tenders: Notes on best practice.

Audit and Integrity: maximising shareholder value

ACCA, July 2013. This report summarises the key themes that emerged from a series of roundtable discussions held by ACCA in Trinidad, Barbados and Jamaica. The discussions covered a wide range of topical issues in audit and tried to map out some future directions for stakeholders in the audit process.

PCAOB rulemaking docket matter No. 40: proposed framework for reorganisation of PCAOB auditing standards

Comments from ACCA to the Public Company Accounting Oversight Board, May 2013.

IAASB: A framework for audit quality

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), May 2013.

Talent and retention in Thai audit practices

This talent attraction and retention survey covers the Big Four accounting firms and four other medium-sized accounting firms (‘mid-tier’ firms) in Thailand. The report flags out material variances between different categories of respondents for further discussion and provides insights to the key attraction/ retention and push factors affecting the professional staff as well as highlight areas for improvement.

FRC: auditor regulatory sanctions procedure

Comments from ACCA to the Financial Reporting Council (FRC), 1 March 2013.

Going concern consultation

The FRC has circulated, for consultation, guidance for directors, and related standards for auditors

Revised ISA 700: 'The auditor's report on financial statements'

The Auditing Practices Board has issued a revised standard on auditor's report that is aimed at producing more concise and informative reports.

Proportionate application of ISQC1

IAASB staff has made available a Questions & Answers (Q&A) publication that focuses on how to apply ISQC 1 proportionately, taking into account the size of a firm. It highlights in the Q&A that smaller firms should find the publication helpful in achieving an effective and efficient implementation of ISQC 1.

IAASB: Review engagements

International Standard on Review Engagements 2400 (Revised): Engagements to Review Historical Financial Statements has been revised.

PCAOB concept release on auditor independence and audit firm rotation

Comments from ACCA to the Public Company Accounting Oversight Board (PCAOB), 2011

IAESB: Professional development for engagement partners responsible for audits of financial statements (revised)

Comments from ACCA to the International Accounting Education Standards Board, December 2012

IESBA: Responding to suspected illegal acts

Comments from ACCA to the International Accounting Education Standards Board, December 2012

Accountants and limited liability

How to limit your liability in respect of limited liability companies

Draft Local Government Audit Bill

Comments from ACCA to the ad hoc committee responsible for the pre-legislative scrutiny of the draft local government audit bill, 15 October 2012

IAASB: Improving the auditor's report

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), 8 October 2012

Guidance on Accounting and Audit thresholds for charities

The Charity Commission has produced a summary of accounting and audit thresholds for charities in UK and Republic of Ireland.

UK public sector internal audit standards

Comments from ACCA to the Internal Audit Standards Advisory Board, September 2012

FRC: Proposed revisions to International Standards on Auditing (UK and Ireland) to adopt changes to International Standards on Auditing addressing the use of internal audit

Comments from ACCA to the Financial Reporting Council (FRC), August 2012

FRC: consultation on proposed revisions to international standards on auditing (UK and Ireland) to give effect to the FRC effective company stewardship proposals

Comments from ACCA to the Financial Reporting Council (FRC), July 2012

FRC: Consultation on the draft revised guidance on audit committees

Comments from ACCA to the Financial Reporting Council (FRC), July 2012

Enhancing sustainability and competitiveness: the role of auditing in the Caribbean

ACCA, June 2012. In April 2012, ACCA Caribbean held a series of three events in Barbados, Trinidad and Jamaica to assess the role and future of audit.

Investor round table: EC audit proposals

ACCA, May 2012. With work progressing in Europe on the development of legislation to strengthen statutory audit requirements for public interest entities, ACCA and Grant Thornton held a round-table event in London on 14 May to enable investors to express their views.

EC: Assessment of the suitability of International public sector accounting standards for the member states – public consultation

Comments from ACCA to the European Commission (EUROSTAT), May 2012

Proposals for a Public Audit (Wales) Bill

Comments from ACCA to the Public Audit (Wales) Bill Team, Welsh Government, 15 May 2012

VAT: addressing borderline anomalies

Comments from ACCA to HM Revenue and Customs (HMRC), 4 May 2012

Consultation on audit exemptions and change of accounting framework

Comments from ACCA to the Department for Business, Innovation and Skills (BIS), 29 December 2011

IAASB: enhancing the value of auditor reporting: exploring options for change

IAASB: enhancing the value of auditor reporting: exploring options for change

UK OFT: statutory audit - reference to the Competition Commission

Comments from ACCA to the Competition Commission, August 2011

IAASB: ISAE 3000 - assurance engagements

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), August 2011

IES 6, assessment of professional competence

Comments from ACCA to the International Education Accounting Standards Board, July 2011

Practical auditing under Clarity ISAs

Practical guidance for auditors who will shortly have engagements due to be performed under the new clarified ISAs

A framework for extended audit reporting

Maastricht University, Netherlands. July 2011. A report commissioned by ACCA to examine a possible framework for extended audit reports in response to criticisms of the role of audit during the global financial crisis.

Future of local public audit

Comments from ACCA to the Department for Communities and Local Government, March 2011

FRC: going concern and liquidity risks: lessons for companies and auditors

Comments from ACCA to the Financial Reporting Council (FRC), June 2011

IFAC's tips for cost-effective ISAs applications

IFAC’s Tips for cost-effective ISAs application and Q&As on proportional application to SMEs audits

The value of audit: views from retail (private) investors

ACCA Singapore, July 2011. A report prepared by ACCA for the Singapore regulator ACRA which examines the value of audit as perceived by private investors.

Audit of central government financial statements in the Republic of Ireland

Comments from ACCA to The Auditing Practices Board, June 2011

The value of audit: views from retail (private) investors

ACCA Singapore, July 2011. A report prepared by ACCA for the Singapore regulator ACRA which examines the value of audit as perceived by private investors.

IAASB: the evolving nature of financial reporting: disclosure and its audit implications

Comments from ACCA to the International Auditing and Assurance Standards Board, (IAASB), June 2011

IAASB: ISAE 2400 (revised), engagements to review historical financial statements

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), 2011

Audit under fire: a review of the post-financial crisis inquiries

Ian Welch, May 2011. Throughout 2010 and 2011 the role of audit has been the subject of a number of high-level inquiries in several jurisdictions. This paper outlines ACCA’s position on the key issues that have been raised in those inquiries.

IAASB: proposed strategy and work program for 2012-2014

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), April 2011

IAASB: proposed ISRS 4410 compilation engagements

Comments from ACCA to the International Auditing and Assurance Standards Board (IAASB), March 2011