• Untitled design

    Trust in audit – Kingman, Tyrie and Wate

    The Kingman review of the FRC, which is to have a detailed look at whether the regulator can achieve its aims (and indeed what these aims should be) with its current structure and powers, has launched a call for evidence, open until 6 August 2018. The call for evidence launches quickly into the concerns raised […]

    Read more

  • money_laundering-e1439281586705

    Money Laundering: Criminal record (DBS) checks for BOOMs

    Many of you will recently have received a letter from ICAEW, or whoever your supervisory body is for money laundering purposes, regarding the need to carry out criminal record checks (called DBS or Disclosure and Barring Service checks) for all of the “BOOMs” in your firm. A BOOM is one of the following, with the […]

    Read more

  • study-group

    ESFA introduce related party transaction monitoring and pre-approval for academies from 1 April 2019

    June 2018 has seen the ESFA publish both its Accounts Direction for the August 2018 reporting period and its Academies Financial Handbook, effective 1 September 2018. Both documents contain a number of clarifications and updated requirements, though updated rules around academy trust related party transactions will likely get a fair degree of attention in the […]

    Read more

  • Mercial Blog Audit File Issues

    Audit file issues – sampling

    Mercia carries out hot and cold audit file reviews for a significant number of firms and there are often themes or audit areas which we observe as part of those reviews which cause firms difficulty.  Sampling is an area which regularly generates comments.

    Read more

  • Mercia Blog Audit File Reviews Tangible Fixed Assets

    Audit file issues – tangible fixed assets

    Mercia carries out hot and cold audit file reviews for a significant number of firms and there are often themes or audit areas which we observe as part of those reviews which cause firms difficulty. Fixed assets is one of those areas particularly verifying existence.

    Read more

  • Mercia Blog - Audit File Issues

    Audit file issues – group audits and component auditors

    Mercia carries out hot and cold audit file reviews for a significant number of firms and there are often themes or audit areas which we observe as part of those reviews which cause firms difficulty. One such issue concerns group audits and, in particular, reliance on the work of component auditors. Background ISA 600 sets […]

    Read more

  • Mercial Blog Audit File Issues

    Audit file issues – Loan covenants

    Mercia carries out hot and cold audit file reviews for a significant number of firms and there are often recurring themes which are observed as part of those reviews.  One such issue concerns loan covenants.

    Read more