The IAASB’s Integrated Reporting Working Group, dedicated to exploring emerging forms of external reporting (referred to as EER), has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements. IAASB Chairman Prof. Arnold Schilder said: The IAASB needs to be at...
The Financial Reporting Council has released a consultation on the adoption of ISA 800 and 805 in the UK. This document seeks views on whether stakeholders believe it is appropriate to adopt these ISAs or if there is an alternative approach to support the Prudential Regulation Authority’s (PRA) proposed...
ICAEW is asking for responses on its latest paper on assurance models. As part of its series on how audit and assurance can meet the needs of today’s organisations and stakeholders, the accountancy and finance body has published Where next with assurance? The Journey Milestone 5. Respondents are asked...
The IAASB welcomes the release by the US PCAOB of its re-proposed auditing standard, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. The PCAOB’s re-proposal would require auditors conducting audits under PCAOB standards to provide information on critical audit matters (CAM) in...
ACCA has responded to IAASB’s Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (the ITC).ACCA believes that the ITC brings together a number of important auditing issues and presents a full and thorough analysis to improve auditing standards. The...
The FRC has issued final draft updates to the UK Corporate Governance Code and the associated Guidance on Audit Committees to reflect forthcoming UK legislation on audit committees and auditor appointments. The FRC has committed to avoid further updates to the Code until at least 2019.At the same time...
The Financial Reporting Council issued a thematic review undertaken by its Audit Quality Review (“AQR”) team on the work performed by engagement quality control reviewers (“EQCR”) in the audit of financial statements. One of the FRC’s concerns is that firms’ do not maintain a consistently high standard of auditing....
The FRC has issued a consultation on the provisions of the Audit Firm Governance Code, in light of its review earlier this year. The proposed changes reflect the following key messages from investors and other respondents to the earlier consultation: The purpose of the Code should be clarified. Its primary role...
ACCA has agreed with the IIA (the Institute of Internal Auditors) to develop their Certified Internal Auditor (CIA) Challenge Exam that will be available to ACCA members in November 2015. This deal will provide an opportunity for ACCA members to become CIA certified through a customised exam, which will include...
The FRC has published its 11th annual report on its inspections of audit quality in the UK and individual reports on five of the largest firms. The FRC inspected 109 private sector audits and believe that overall the quality of auditing in the UK is improving. Nevertheless, there is room...