Since 2015 the international regulatory Monitoring Group has been looking into a range of aspects associated with independence and governance around international standards for auditing with a review of the audit standard setting process.
This week the UK’s Financial Reporting Council (FRC) announced their plan for the first structural overhaul of the big four accounting firms since the failure of Carillion in 2018 prompted calls for audit regulation reform.
In December 2019, Sir Donald Brydon recommended improvements to the Internal Controls over Financial Reporting (ICFR) as part of a reform agenda in UK audit. More effective ICFR could provide management and users of financial statements with better quality information and facilitate better decision-making. A new ICAEW report explores the scope of a future UK […]
The ICAEW has pulled together a useful array of links, lists and insights into the auditing implications of Covid-19. Including guidance, responses and links to information from various standard setters and regulators, as well as ICAEW’s own insight and webinar into coronavirus considerations for auditors, it is a helpful assemblage of guidance for anyone affected in this […]
During this time of deep digital reliance, the Institute of Chartered Accountants of India (ICAI) has announced a policy change meaning that electronic signatures are permitted in order to sign audit reports and certificates for the first time. The ICAI announcement draws on the 2000 IT Act, concluding that the Act allows for electronic signatures […]
The US Securities and Exchange Commission (SEC) has adopted long-proposed changes to filer definitions, designed to ease the reporting burden and compliance costs for small filers. The amendments mean smaller reporting companies – those with less than $100 million in revenue – will no longer need to obtain a separate attestation of their ability to maintain […]
Climate issues seem to be… well… hot. This week the UK’s Financial Reporting Council (FRC) announced a major review of how companies and auditors assess and report on the impact of climate change. The review will assess to what extent existing reporting requirements, including recommendations for companies to report in line with the TCFD framework, are […]
The Committee of European Auditing Oversight Bodies (CEAOB) has published important guidance for auditors reviewing financial reports published in accordance with the new ESEF regulations.
An Accountancy Europe survey of Key Audit Matters (KAMs) reporting has found a slight dip in the number of KAMs reported by European banks – although numbers are still significantly higher than the average for all industries. KAMs became mandatory with the new and revised auditor reporting standards which came into effect for audits of […]