Technical roundup, 20 December

Dec 19, 2019

Chartered Accountants Ireland 

ROI 

UK 

  • The FRC has announced its 2020/21 corporate reporting and audit quality review programme.
  • The FRC has welcomed new guidance issued by the Taskforce on Disclosures about Expected Credit Losses (DECL). 
  • The FRC has issued FRED 73 Draft amendments to FRS 101 – 2019/20 cycleThe Institute is considering whether a submission will be made by the deadline of 16 March 2020.
  • To support the delivery of high-quality audit in the UK, the FRC has issued a major revisions to its Ethical Standard and revised Auditing Standards.
  • The FRC has issued Amendments to FRS 102 - Interest rate benchmark reform, which responds to a current financial reporting issue. 
  • The FRC issued a letter to the heads of audit of the larger audit firms in early November intending to share experience from the audit quality review inspections and root cause analysis performed by audit firms on aspects of the audit process that are likely to affect the quality of audits.

International

  • The International Auditing and Assurance Standards Board (IAASB) has released a Feedback Statement sharing what the Board has heard regarding audits of less complex entities in response of its recent Discussion Paper: Audits of Less Complex Entities (LCEs): Exploring Possible Options to Address the Challenges in Applying the ISAs.