- 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.
- ISA 610 internal auditors
- [22/4/2013] International Standard on Auditing 610: Using the work of Internal Auditors has been revised.
- Government crackdown on high street accountants
- [29/05/2013] As a reminder, assuming the Finance Bill remains unchanged and receives Royal Assent; IR35 tax legislation will be extended to office-holders for the 2013-14 tax year; potentially affecting small audit firms.
- IAASB: Review engagements
- [16/01/2013] International Standard on Review Engagements 2400 (Revised): Engagements to Review Historical Financial Statements has been revised.
- IR35 and Sole Practitioner auditors
- [10/05/2013] Draft clause within Finance Bill 2013 a potential headache for sole practitioner auditors.
- ISA Amendments
- [16/01/2013] Amendments to certain ISAs effective for audits of financial statements commencing on or after 1 October 2013.
- Frequent problems with bank audit letters
- [05/02/2013] What are the most common problems with requests for bank audit letters?
- 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.
- Internal Control
- Going concern consultation
- [27/02/2013] The FRC have circulated, for consultation, guidance for directors, and related standards for auditors.