You may be aware that recently issued guidance from ICAEW on audit firm eligibility has caused alarm among many firms, who may need to make urgent and significant changes to their structure or constitution to comply with rules introduced on 1 October. Firms only have until April 2025 to ensure they comply.

“ISA ISA Baby” is a monthly blog series focused on each of the UK ISAs: their key features, our own musings and some of the pitfalls we see through our audit file reviews and technical query FAQs. Oh and to keep your interest, each blog will end with an ‘interesting’ fact about the one and only Vanilla Ice…..

Today marks the end of the comments period for the FRC’s proposal to revise ISAs (UK) 250 Section A and Section B. In case this consultation has passed you by in the pre-Christmas rush, we’ll summarise what’s (likely) changing and how it might affect your audits when effective.

Over a year ago, ICAEW announced that changes to CPD were being consulted on. These changes were finalised and announced just last week and will be effective from 1 November 2023. Full details of the changes together with the revised regulations can be found on the ICAEW website but this below summarises some of the key elements for members in practice.

Around the globe, auditors are preparing for the imminent ISQM 1 regime, and today marks the three-month countdown to the deadline – 15 December 2022 – by which every UK audit firm will need an ISQM-compliant System of Quality Management (‘SOQM’).