Exposure Draft: ISA (UK) 570 (Revised)
The FRC has issued a consultation on proposed revisions to auditing standards intended to increase the work required of UK auditors when assessing whether an entity is a going concern. The proposed revisions include requirements that significantly exceed those required by equivalent international standards, including:
- requiring robust challenge of management's assessment of going concern, encompassing a thorough test of the adequacy of the supporting evidence, evaluation of the risk of management bias and , where relevant, making greater use of the viability statement
- a new reporting requirement for the auditor to provide a conclusion on whether management's assessment is appropriate, and to explain how they evaluated management's assessment, where relevant, reporting key observations
- a stand back requirement to consider all of the evidence obtained, whether corroborative or contradictory, when the auditor draws their conclusions on going concern.
As with the above news item, the consultation proposes an effective date of audits of financial periods commencing on or after 15 December 2019. For more detail, see our article here.
Methodology and compliance products updates
We have issued an update to our LLPs Specialist Assignment Manual principally to include changes brought about by the LLP SORP 2018 and company law as applied by LLPs.
If you are a subscriber and have any administrative questions about this update, please email our Technical Manuals Team or call us on 0116 258 1200.
Chancellor Philip Hammond delivered the Spring Statement on Wednesday 13th March 2019. To read more please click here.
Written Ministerial Statement
This Written Ministerial Statement provides more detail on some of the announcements in the Spring Statement and sets out details of other forthcoming government policies and consultations. To read more please click here.
Businesses not complying with money laundering regulations in 2018 to 2019
HMRC has published a list of businesses that have not met their obligations under the 2017 regulations. To read more please click here.
Tell HMRC your organisation failed to prevent the facilitation of tax evasion
HMRC has released details of how to self-report a company or partnership that did not prevent the facilitation of tax evasion if you're their authorised representative. To read more please click here.
HMRC warns of landline scams threatening households
HMRC has warned those with landline phones to be cautious due to criminals using phones to contact victims following a rising focus on SMS and email phishing. To read more please click here.
Some of you have recently experienced problems with our website and we would like to thank you all for your patience and cooperation whilst we fixed the issues. A number of improvements have been made to the website in the last week or so which mean that you can now purchase course credits and book your courses online. We have further enhancements planned and look forward to sharing these with you over the coming weeks.
Many thanks to those who took the time to send us feedback regarding our website, we have found this invaluable.
Share the Hair
Our Training Events Administrator, Ashleigh Cullen donated thirteen inches of hair and raised and incredible £350 for Little Princes Trust Charity which supplies, and funds high quality wigs made of real hair to children who have hair loss as a result of cancer treatment or other illnesses.