News in Audit and assurance
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Internal audit consultations
Anne Adrain, Head of Sustainability and Assurance and Alan Simpson CA summarises the key points in recent Internal Audit consultations.
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Is two-tier audit inevitable?
ICAS discusses whether a two-tier audit regime is on the horizon.
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Internal audit and governance
Internal audit plays a key part in the corporate governance environment and this article considers its role.
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Proposals to reform UK audit market
BEIS has published its consultation on the Competition and Market Authority's (CMA) proposed reforms to the UK statutory audit market.
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FRC inspection reports 2018/19
The FRC has issued its 2018/19 inspection reports on the quality of FTSE 350 audits.
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ICAS quality management response
ICAS has responded to the International Auditing and Assurance Standard Board’s (IAASB) proposed suite of quality management standards.
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Audits of less complex entities
The IAASB is seeking views on the challenges in applying the International Standards on Auditing (ISAs) in audits of less complex entities.
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ICAS responds to Brydon Review
Learn about the ICAS response to the Brydon review on the quality and effectiveness of audit.
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Enhancing the value of Audit
This report from ICAS and CPA Canada includes recommended actions from experts to help advance the value and relevance of audit.
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Root cause analysis and audit quality
Root cause analysis (RCA) originated in the engineering industry but is increasingly being used by audit firms to improve audit quality.
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Improving the quality of group auditing
Research into improving the quality of group auditing
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Restoring faith in audit
A good-quality audit is vital to maintaining trust in the market, says David McBain
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Graduated findings in UK audit
Graduated findings appeared in auditor’s report back in 2013. BEIS Committee report and John Kingman have recommended that this approach is mandated in the UK.
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Brydon call for views on audit
Sir Brydon has issued a Call for Views and information on the quality and effectiveness of statutory audit in the UK.
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BEIS Committee recommendations on capital maintenance
An opinion piece on the BEIS Committee’s report on the future of audit.
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BEIS Committee report
"The Business, Energy and Industrial Strategy (BEIS) Committee has issued its report and recommendations for the reform of the UK audit market."
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Shaping the future of audit
Mike McKeon and Michelle Mullen discuss the latest proposals for audit reform and what impact they will have on the profession.
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Audit quality is paramount
In the ICAS response to the CMA and BEIS we have reiterated that audit quality has to be the overriding objective. We highlighted to the CMA areas where it needs to provide greater clarity to the evidence in support of its conclusions, and the remedies it has proposed.
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UK audit market overhaul key points
UK authorities have published reports that set out their proposals for the future of the UK audit market.
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Audit should be part of holistic review
ICAS has submitted its response to the CMA on the large company audit market in the UK. Our response to Sir John Kingman’s review of the FRC and previous ICAS publications informed our submission. Our key messages to the FRC are set out below.