Audit Manual Package (UK)
Our Audit Manual Package (UK) provides you with all the programmes, documents and guidance needed to undertake a limited company audit under the International Standards on Auditing (ISAs) (UK) and the Ethical Standard.
The package includes:
- a separate Audit Manual (UK) including all the current and permanent file programmes needed to undertake both a single entity audit and a group audit and includes accounts disclosure checklists, including versions in accordance with with UK-adopted IAS, FRS 101, FRS 102 and FRS 102 Section 1A;
- a file review checklist;
- a separate Audit Procedures Manual (UK) containing supporting audit methodology and guidance; and
- online audit methodology training.
Our Audit Manual Package (UK) can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
- Guidance notes that provide you with a background as to how to use the manual and a what’s changed letter identifying all changes from the previous version of the manual.
- Example engagement letters for audit and group audits and an example letter of representation. Other letters that may be of help throughout an audit include, bank letters, disengagement letters, successor auditor requesting access letter and planning communication letter.
- Example audit report, including groups for both UK GAAP and UK-adopted IAS. A group audit questionnaire is also included, along with a group audit instruction letter.
- Example pro-forma accounts for full FRS 102, FRS 102 1A (both full and abridged) and UK-adopted IAS.
- Accounts disclosure checklists for full FRS 102, FRS 102 1A, FRS 101, UK-adopted IAS and group FRS 102.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit over a number of years.
- Current file documentation comprising of two separate packs of documentation for audit and group audit. The audit documentation provides you with the planning, completion and detailed work programmes needed to undertake an audit. Lead schedules and a current file index are also included. We also include a suite of spreadsheets including proforma working papers using Microsoft Excel.
- Example file review checklists.
- This subscription also includes the Audit Procedures Manual which includes guidance on general audit procedures such as the planning, controlling, recording and completion of audit work. It also includes specific procedures by audit area, for example, income and debtors, and sets out the Mercia approach used within the programmes contained in your Audit Manual. There are also sections on Ethics and Audit Regulation & Quality Management. This manual will need tailoring by firms for their own internal policies and procedures.
January 2024
The principal technical changes in this update include:
- Removal of content for periods commencing before 15 December 2021 as this is no longer relevant;
- Update of disclosure checklists for recent minor changes in accounting standards; and
- Best practice amendments.
August 2023
The principal technical changes in this update include:
- Changes in relation to ISA (UK) 600 Special considerations - Audits of group financial statements (Including the work of component auditors);
- The introduction of a new (optional) statistical sampling approach; and
- The introduction of a set of guidance notes specifically tailored for companies.
Exciting new feature
We have also developed tailoring and customisation tools to help you filter out the irrelevant parts of the Accounts disclosure checklists through a series of questions. These are available in the 'Customise' screen within the menu on the right.
By selecting 'Yes' to the question 'Would you like to tailor your accounts disclosure checklist through a series of questions?', you will then be asked a series of questions. Answering these subsequent questions will filter down the disclosure checklist so that only the checklists / sections you require will be shown / available to download / included within the checklist downloaded.
February 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
April 2022
This major update to the methodology principally incorporates:
- ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement;
- ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statements; and
- Consequential amendments as a result of the new quality management standards.
May 2021
This update to the Package principally incorporated reporting on irregularities, including fraud.
The ICAEW published 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and commented that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file'. In order to aid this expectation a new ‘A29 - Reporting on irregularities, including fraud in the auditor's report’ has been included in the Audit Methodology and also an additional test on ‘A21-1’ for the RI to confirm their approval. This is for periods commencing on or after 15 December 2019 only. The guidance in your Audit Procedures Manual has also been updated.
April 2021
A number of changes have been throughout the manual to encourage teams to consider the use of audit data analytics (ADA) on audit engagements. These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas, with revisions to planning forms providing prompts for you to record its planned use. Given the audit quality and efficiency gains which can provided by the use of ADA, a new planning form (B20) has been added for teams to appraise its use on engagements and record why ADA was or was not considered appropriate to use. Where the use of ADA is intended, a number of other revisions have been made throughout the manual to help you record and reflect on the results from its use.
February 2021
FRC Ethical Standard 2019 - You may recall that the Audit Procedures Manual (UK) was updated for revised policies and procedures in June 2020 and so this update includes a revision to the Audit Manual ethical forms.
Brexit - Changes from company law, financial reporting standards and audit regulations have been incorporated throughout both your Audit Manual and Audit Procedures Manual.
January 2021
Two new disclosure checklists have been added to the product:
- IFRS - for periods commencing on or after 1 January 2020 but before 1 January 2021;
- FRS 101 - for periods commencing on or after 1 January 2020 but before 1 January 2021.
The new disclosure checklists take into account the relevant technical changes for the applicable period which incorporate a small change to IFRS 16 - Leases and changes to IFRS 7 in relation to IBOR phase I.
The front cover of the IFRS proforma accounts for periods commencing on or after 1 January 2019 has been tweaked to confirm that they are applicable for periods commencing on or after 1 January 2019 but before 1 January 2021.
Guidance has also been added to the Audit approach section of the B30X template.
| Annual subscription fee | |
| Sole Practitioner / Non-Audit Firm* | £260.00 |
| Audit registered firms with 2-4 RIs* | £425.00 |
| Audit registered firms with 5-9 RIs* | £565.00 |
For 10 or more RIs please contact us at sales@mercia-group.com or call 0330 058 7141.
*Mercia Members receive a 10% discount
All prices are subject to VAT. Prices are subject to change on 1 July.
Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.
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