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.
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).
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.
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.
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.
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.
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.
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.
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.