Audit News, Helpsheets and Learning Points

 Helpsheets 

• ICAS Monitoring and Regulatory Approach to Anti Money Laundering
  This publication is aimed at providing ICAS's regulators, members of the public, and other interested parties with a brief guide as to how ICAS discharges its responsibilities under the Money Laundering Regulations 2007.
  
   
• The Well Run Practice Guide
  A Practical Guide from the ICAS Monitoring team.
  
   
• Ethical Matters for Consideration in relation to Engagement and Disengagement Procedures
  This helpsheet is intended to assist members in practice with ethical matters in relation to engagement and disengagement with clients. It highlights some commonly found situations and how these should be dealt with. It should be read together with the ICAS Code of Ethics.
  
   
• The Roles and Responsibilities of the Audit Compliance Principal
  

  This helpsheet is designed to aid firms in appointing an Audit Compliance Principal, identify their key responsibilities, and to assist that individual in carrying out their role, including performance of an Annual Compliance Review (ACR).

  
   
• Provision of Services Regulations - The Information requirements for accountancy firms
  This helpsheet provides guidance on the requirements of the European Union (EU) Services Directive, as enacted in the UK under the Provision of Services Regulations, and specifically the information disclosure requirements that members in practice will require to meet from 28 December 2009.
  
   
• Signing off accounts, returns and other documents
  The Institute is often asked what the legal requirements or best practice are for signing off accounts, correspondence and a variety of other documents. This helpsheet summarises some examples of what ICAS considers to be acceptable practice.
  
   
• Common disclosure errors
  This helpsheet is intended to assist members preparing statutory accounts for small audit exempt limited companies, by highlighting some of the most commonly noted accounting errors and disclosure omissions identified in the Quality Review process. In the majority of cases the companies referred to will be owner managed with no outside shareholders.
   
• Anti-money laundering legislation - a brief guide to the requirements
  This helpsheet provides the basic legislative background affecting practitioners; highlights the policies and procedures required to be in place; details common weaknesses found by the Institute's Quality Review process; and provides information on where to obtain further detailed information and advice.
  
   
• IES8 Guidance to Audit Firms and Audit Professionals
  The International Federation of Accountants (IFAC's) International Education Standard 8 "Competence Requirements for Audit Professionals" became effective for all audit firms on 1 July 2008. ICAS has previously drawn members' attention to this standard, and now publishes preliminary guidance to audit firms and audit professionals on the implementation of this standard.
  
   

Learning Points

• Common Charity Audit Pitfalls