Technical resources

Brexit impact on ACCA’s UK Audit Regulations

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.

IAASA's proposals to revise Ireland's Ethical Standard for Auditors, International Standards on Auditing and Glossary of Terms

ACCA's response to proposals to revise the Ethical Standard for Auditors (Ireland), International Standards on Auditing (Ireland) and Glossary of Terms

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.

IAASA Consultation Paper - Proposal to issue Companies Act 2014 Section 933 Regulations

ACCA welcomes the opportunity to comment on the proposal to issue to issue Companies Act 2014 (Procedures Governing the Conduct of Section 933 Enquiries) Regulations 2019 (‘S933 Regulations’).

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.

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.

Representing members

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

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.

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

Audit and accounting: an overview

A basic overview of the company audit and accounting requirements

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.

Assurance on integrated reporting

Comments from ACCA to the International Integrated Reporting Council.

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.

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.