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.

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.

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.

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.

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.

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

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.

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

Charities

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

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.

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.

Accountancy and actuarial disciplinary schemes

Comments from ACCA to the Financial Reporting Council.

Local government audit

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

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.

Improving confidence in the value of audit

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

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.

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.

Audit tendering

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

Going concern consultation

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

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.

Clarified ISAs and Ethical Standards

Links to all clarified ISAs and Ethical Standards

Accountants and limited liability

How to limit your liability in respect of limited liability companies

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.

Charity Commission publishes new strategy on combating fraud

The Charity Commission is calling for charities to better protect themselves against fraud and financial crime.

Audit exemption for industrial and provident and friendly societies

When can an industrial and provident or friendly opt for audit exemption?

Practical auditing under Clarity ISAs

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

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

Going concern - who is responsible

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.