ICAEW has published the results of its 2017 audit monitoring activities in Audit Monitoring 2018. The document summarises results from ICAEW reviews; common issues from its reviews of FRS 102 financial statements; and the main reasons that audit monitoring reviews result in a report to the Audit Registration Committee.
ICAEW has also published key findings from its Practice Assurance reviews carried out in 2017 in Practice Assurance Principles 2018. The report highlights findings and tips in relation to the Quality Assurance Department’s 2017 focus areas of client take-on, marketing and trusts. The report also notes that focus areas in 2018 will be preparation, procedures and compliance with updated Money Laundering and Data Protection Regulations.