Guidance

2013

• ISA 610 internal auditors
• [22/4/2013] International Standard on Auditing 610: Using the work of Internal Auditors has been revised.
• IAASB: Review engagements
• [16/01/2013] International Standard on Review Engagements 2400 (Revised): Engagements to Review Historical Financial Statements has been revised.
• ISA Amendments
• [16/01/2013] Amendments to certain ISAs effective for audits of financial statements commencing on or after 1 October 2013.
• Auditor’s report on group accounts
• [29/01/2013] The new rules on audit exemption, in force for financial years ending on or after 1 October 2012, make sweeping changes to the audit requirements for group companies.
• New proposals on going concern guidance and auditing standards.
• [22/04/2013] The Financial Reporting Council (FRC) has outlined its proposals for implementing some of the recommendations made by the Sharman Panel, subsequent to its inquiry into going concern and liquidity risks, in a consultation paper that includes a new ‘guidance on going concern’ for directors and proposed amendments to related auditing standards.
• Proportionate Application of ISQC 1
• [24/01/2013] 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.
• IR35 and Sole Practitioner auditors
• [10/05/2013] Draft clause within Finance Bill 2013 a potential headache for sole practitioner auditors.
• Frequent problems with bank audit letters
• [05/02/2013] What are the most common problems with requests for bank audit letters?
• Going concern consultation
• [27/02/2013] The FRC have circulated, for consultation, guidance for directors, and related standards for auditors.

2012

• Changes to audit exemptions
• [22/10/2012] 1 October 2012 sees some significant changes to audit exemptions.
• Accountants and limited liability
• [22/10/2012] How to limit your liability in respect of limited liability companies.
• Changes to audit exemption threshold from 1 October 2012
• [11/09/2012] The Government’s response to the consultation on Audit Exemptions and Change of Accounting Framework confirms plans to relax the audit exemption threshold for accounting periods ending on or after 1 October 2012.
• Invitation to comment (ITC) on improvements to auditor reporting
• [03/08/2012] The invitation to comment on the IAASB's suggested improvements to audit reporting is open until 8 October 2012.
• Financial Reporting Council’s website overhauled
• [31/08/2012] The FRC website has been the subject of a major overhaul. Find links to accounting and auditing standards here.
• All change: Financial Reporting Council reformed
• [31/08/2012] On 2 July the structure and functions of the Financial Reporting Council (FRC) changed conspicuously following parliamentary approval of its proposed reform.
• RBS/Natwest bank audit letters
• [03/08/2012] Guidance on audit bank letters following system problems.
• Going concern – final recommendations of the Sharman Inquiry
• [29/06/2012] Your guide to likely changes to going concern assessment and reporting requirements resulting from the Sharman Inquiry.
• Bank letters procedures –your feedback
• [27/06/2012] Comments sought on the cyrrrent bank letter procedures.
• Disclosure of remuneration for non-audit services
• [20/03/2012] An update on the disclosure of auditor remuneration regulations, including details of a revised ‘schedule 2’.
• Limiting liability clauses
• [13/03/2012] Karen Brown, a Chartered Insurance Broker and vice president of Lockton Companies LLP offers advice on
• Going Concern - Who is Responsible
• [09/03/2012] Guidance on going concern.
• Bank Audit Letter Requests - A Reminder
• [28/02/2012] Clarified (UK and Ireland) ISA 330 The auditor’s responses to assessed risks requires the auditor to consider whether external confirmations procedures should be performed as substantive audit procedures.

2011

• Audit exemption for charities
• [26/08/11] When can a charity opt for audit exemption?
• Revised guidance for auditors on money laundering
• [23/03/11] - The revised version of Practice Note 12 ‘Money Laundering – Guidance for auditors in the United Kingdom’ has been updated by the Auditing Practices Board (APB) to reflect the requirements of the Clarified ISAs.
• IFAC’s tips for cost-effective ISAs applications
• [23/03/11] - IFAC’s Tips for cost-effective ISAs application and Q&As on proportional application to SMEs audits
• APB ethical standards - auditor rotation
• [22/03/11] - A collection of the most frequently asked questions on auditor rotation.
• Audit exemption for group companies and LLPs
• [26/08/11] When can companies and LLP that are parents of subsidiaries of a group opt for audit exemption?
• APB tightens ethical standards
• [01/07/2011] The APB has tightened its ethical standards with regards to the provision of non-audit services by auditors.
• Audit exemption for industrial and provident and friendly societies
• [26/08/11] When can an industrial and provident or friendly opt for audit exemption?
• Practical auditing under Clarity ISAs
• [01/07/2011] Practical guidance for auditors who will shortly have engagements due to be performed under the new clarified ISAs.
• Audit exemption for companies and LLPs
• [26/08/11] When can a company or LLP opt for audit exemption?

2010

• APB issues guidance on XBRL tagging of audited accounts
• [30/02/10] - The Auditing Practices Board has issued Bulletin 2010/1 setting out guidance for auditors where audited financial statements have been tagged using XBRL.
• Auditor rotation - FAQs
• [20/05/10] - FAQs about the application of the Auditing Practices Board’s (APB) Ethical Standards relating to auditor rotation.
• Auditing Practice Board Ethical Standards
• [15/02/08] - Ethical Standards (ESs) contain basic principles and essential procedures together with related guidance in the form of explanatory and other material. Guidance on ES 1-5.
• Assurance products

• ACCA has developed an assurance product called ACCA Audit Programmes. This system of programmes and checklists has been developed to assist practices in the UK and the Republic of Ireland to improve the standard of their audit files without breaking the budget.

• Relevant technical factsheets
• Technical factsheets relevant to audit.

2009

• APB finalises changes to Ethical Standard 3
• [17/12/09] - The APB has issued a final version of ES 3 ‘Long association with the audit engagement’ that applies for periods commencing on or after 15 December 2009.
• Audit working papers
• [24/09/09] - Requests for audit working papers from PCAOB should be refused.
• APB publish Bulletin 2008/10
• [19/01/09] - The APB has issued Bulletin on going concern issues during the current economic conditions
• FRC publishes an update for directors of listed companies on going concern and liquidity risk
• [19/01/09] - The Financial Reporting Council (FRC) has published guidance on going concern and liquidity risk that is aimed at directors of listed companies but that could be also useful for directors of unlisted companies and auditors under current economic circumstances.
• Online filing and iXBRL
• [07/09/09] - HMRC and Companies House have released a joint news bulletin on the subject of online filing and use of iXBRL
• Technical factsheet 160
• [01/04/09] - Guidance on access to information by successor auditors
• Bank audit letters changes for December 2008 year ends
• [08/10/08] - Practice Note (PN) 16 'Bank reports for audit purposes in the United Kingdom (Revised)', issued in December 2007 by the Auditing Practices Board (APB), applies for periods commencing on or after 26 December 2007.
• APB issues revised guidance on smaller entity audit documentation.
• [17/12/09] - APB’s updated Practice Note 26 provides guidance and examples on how the documentation requirements contained within ISAs can be applied to smaller entity audits.
• APB issues new clarified ISAs
• [17/12/09] - The APB has issued 33 ISAs, a new international standard on quality control and a revised statement of the scope and authority of APB pronouncements.
• Steps to Take When an Auditor Ceases to Hold Office
• New guidance to support auditors and companies in respect of the process of notification when an auditor ceases to hold office.
• Impact of the Credit Crunch in the Audit of Small Companies
• [19/05/09] - ACCA UK has published Technical Factsheet 143: The Impact of the Credit Crunch in the Audit of Small Companies.
• Revised ISA 700 'The Auditor's Report on financial statements'
• [18/05/09] - APB issues revised ISA (UK and Ireland) 700 'The Auditor's Report on financial statements'.
• New requirements when signing an auditors’ report
• [01/04/09] - Details of how to sign auditor’s reports under Companies Act 2006
• APB issues Bulletin 2008/01
• The Auditing Practices Board (APB) has issued Bulletin 2008/01 Audit Issues when Financial Market Conditions are Difficult and Credit Facilities may be Restricted.
• Companies Act 2006: considerations from April 2009 onwards
• How does the Companies Act 2006 affect accounts and audits for periods ending from April 2009 onwards? Massimo Laudato summarises the changes.
• Why Audit Matters to Businesses
• ACCA UK’s Advisory Service has prepared a series of leaflets to illustrate to businesses how they could benefit from the decision to have their accounts audited.

2008

• Auditors' limitation of liability
• From 6 April 2008 new provisions introduced by the Companies Act 2006 enable auditors to limit their liability in respect of statutory audit work carried out for a company by entering into specific agreements with their clients.
• APB issue Bulletin 2008/9
• [07/11/08] - APB issues Bulletin 2008/9 on Miscellaneous Auditors Reports required by Companies Act 2006
• APB Bulletins - audit exempt companies
• The APB has issued four bulletins for use by auditors, directors and practitioners advising audit-exempt companies.
• Liability limitation agreements
• Financial Reporting Panel takes action on qualified accounts
• [07/11/08] - An overview of the Financial Reporting Review Panel’s activity and procedures
• The Audit of Going Concern
• Find out what steps you can take to ensure your next audit monitoring visit is free of any going concern issues.
• Small Companies' Exemption from Audit under the Companies Act 2006
• [03/04/08] - Guidance on the conditions surrounding small companies' exemption from audit under the Companies Act 2006, including worked examples.
• FRC Statement and QC's Opinion on 'True & Fair'
• [23/05/08] - The Financial Reporting Council (FRC) has published an Opinion by Martin Moore QC. It confirms the continued relevance of the ‘true and fair’ concept to the preparation and audit of financial statements following the enactment of the Companies Act 2006 and the introduction of international accounting standards.
• Revised Ethical Standards for auditors
• [30/06/08] - A summary of revisions to the APB 2008 Ethical Standards.
• APB Issues Practice Note 21
• The Auditing Practices Board (APB) has issued Practice Note (PN) 21: The Audit of Investment Businesses in the United Kingdom (Revised).