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.
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.
The UK has left the EU and is now in a transition period before new rules come into place from 1 January 2021.
In order to give individuals and firms sufficient time to prepare for the changes which will take effect when the transition period ends on 31 December 2020, ACCA has published draft Global Practising Regulations (including Annex 1 and Appendix 1) which set out the proposed amendments to the United Kingdom Audit Regulations 2016. The revised regulations will be implemented on 1 January 2021. We will be monitoring developments closely and will update these guidelines when necessary.
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.
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.
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.
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
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.
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.
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.
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.
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.
During the period of difficult economic conditions that has engulfed the World’s economy and the banking and financial sectors in particular from approximately 2007 onwards, the media and the general public appeared to have become more sensitive about going concern assertions included in companies’ financial statements and auditor’s reports.