Three revised auditing standards will affect all audit clients during 2021. Typically affecting years ending 31 December 2020 onward, they will fundamentally impact the conduct of, and reporting on, an audit. For the first time the audit firm will be required to specifically explain in the audit report how the audit approach was capable of […]
It appears that the first few months of 2021 will be as challenging as 2020 with a third National lockdown in England and similar restrictions throughout the rest of the United Kingdom. Many of us also face the challenges posed by Brexit and for those working in audit, the need to understand the revised auditing […]
Everyone at HAT would like to wish you all a safe and merry Christmas and a happy and prosperous 2021.  Our office is closed for the festive period from the end of Wednesday 23 December until Monday 4 January 2021.  We look forward to “seeing” you in 2021 (Government guidance permitting!) Stay safe. 
The Financial Reporting Council (FRC) have published consolidated versions of the guidance they have issued over the last few months regarding the audit and financial reporting implications of the COVID-19 pandemic.  The guidance for auditors includes updated guidance on possible indicators of increased risk, such as:  Increased pressures to meet financial targets; Challenges to keep […]
BEIS and the FRC have issued letters to audit firms and companies setting out changes to the UK’s corporate reporting framework from 1 January 2021 (i.e. after the Brexit transit period has ended). One of the key issues mentioned is that the subsidiaries audit exemption (under section 479A of Companies Act) will no longer be […]
Throughout 2020 the HAT team have been working hard to prepare for the revised ISAs (UK) which are effective for periods commencing 15 December 2019 onwards. This will typically be for years ending 31 December 2020. The key changes are ISA (UK) 540 (Accounting Estimates); ISA (UK) 570 (Going Concern) and ISA (UK) 700 (Audit […]
Our popular AML Compliance for Senior Management course has been comprehensively updated for recent changes in legislation and the updated CCAB Guidance issued in September and is running online next Tuesday afternoon. The course will also explain the impact of the recent changes to the AML Module of the HAT Compliance Manual issued last month.  […]
We are pleased to announce the release of version 20-0-04 of our CaseWare Corporate Working Papers template. This will ensure that firms are able to comply with recent changes to ISA (UK).  The key changes in the new template are: Changes to audit documentation to reflect the requirements of revised ISA (UK) which are effective […]
The FRC has issued three sets of amendments to UK accounting and reporting standards, and their Press Release states: “The amendments address some topical issues, and maintain a necessary alignment with international standards. The amendments are: Amendment to FRS 101 – Effective date of IFRS 17 – which changes the effective date of an amendment […]