Keeping Audit on the Right Track - Dundee
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As part of the ICAS developmental approach to regulation, this course aims to educate Audit Compliance Principals (ACPs) and Responsible Individuals (RIs) in developing a strong compliance function and preventing some of the recurring issues identified on audit monitoring visits.
The first five year cycle of the courses ‘Keeping Your Audit Firm on the Right Track’ and ‘Keeping Your Audit Files on the Right Track’ was completed as at the end of 2015. In 2016 there will be significant changes, where these will be consolidated into one single course, lasting three hours, which will again be presented across varied locations each year. There are also significant changes to the mandatory requirement, where it is considered that the course will be beneficial to a wider audience to increase audit quality among ICAS audit registered firms.
The resulting requirements are that:
* Each ACP will be required to attend at least once in the three year period from 1 January 2016 to 31 December 2018 (previously once in the first five year cycle);
* Each RI will be required to attend at least once in the five year period from 1 January 2016 to 31 December 2020 (no previous requirement);
* Newly approved RIs will be required to attend the course within 12 months of approval (no previous requirement); and
* Previously inactive RIs (i.e. approved RIs who are not signing audit reports), who have recommenced the role, will be required to attend the course within 12 months of becoming active (no previous requirement).
The course is presented by the ICAS Audit Monitoring team and has been created to educate and support ACPs and RIs and covers all areas of audit compliance responsibilities, key regulatory issues, common compliance failings, and key findings from ICAS audit monitoring visits. The course is open all audit professionals and many attend yearly to maintain audit CPD, however there is a mandatory requirement, as noted above. Detailed materials are provided during the course, and this is useful reference material for all firms.
The attendee list for this event is exclusively available to CAs.
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The Malmaison, 44 Whitehall Crescent, Dundee DD1 4AY
ICAS member engagement team