What type of audit report modification (aka “qualification”) do I need to use? This is a question we often get asked on our technical helpline. Auditors are reminded of the requirements of ISA (UK) 705 Modifications to the Opinion in the Independent Auditor’s Report in determining the type of audit report required. The table image, […]
We often receive queries about related party transactions and what should be included on an accounts preparation or audit file. Completing the following steps will ensure that your file contains everything that is needed and give comfort over disclosures within the financial statements: Ensure that the file documents a full list of known related parties […]
The Charity Commission has provided a summary update regarding changes, brought about by the Charities Act 2022, which came into effect on 1 June and include: “Selling, leasing or otherwise disposing of charity land: Charities must comply with certain legal requirements before they dispose of charity land.  Disposal can include selling, transferring or leasing charity […]
The Charity Commission has published findings of an inquiry, which includes: “The Commission concluded that the charity’s trustees had failed to fulfil their duties to protect the charity and its assets and failed to demonstrate any effective oversight of senior staff leading to the serious misconduct and / or mismanagement, including misuse of funds and […]
Following on from a recent update by the Solicitors Regulation Authority (“SRA”) regarding the provision of banking facilities, an ICAEW Disciplinary Update has advised the following: “A member was severely reprimanded and fined £12,250.  The member was the responsible individual for the preparation of Solicitors Regulation Authority (SRA) Accountant’s Reports submitted for a client for […]
In a recent publication the Information Commissioner’s Office (ICO) is asking  accountants to step up in helping their SME clients navigate the existing (and future) complex data protection legislation. The ICO says “UK accountants should recognise the crucial role they play in helping their SME clients establish the correct data protection practises from the day […]
We are getting lots of questions about the new Quality Management Standards and actions firms should be taking: What is the objective of ISQM (UK) 1? ISQM (UK) 1 replaces ISQC (UK) 1. Both standards aim to ensure that your firm has appropriate policies and procedures to support R.I.s and others to produce effective and […]
In what some may see as an early Christmas present (!), on 15 December the FRC published FRED 82 “Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review“. A number of changes to FRS 102 are proposed, the most significant of […]
The UK government has announced an extension of the definition of small business for regulatory purposes, from less than 50 employees to those with less than (up to) 500 employees. This threshold change applies from Monday 3 October to all new regulations under development, and to those under current and future review. The government intends […]