Existing rules around viability reporting are not achieving what they need to. The government has proposed a new annual resilience statement by public interest entities to fix the problem.
One of the central planks of the Sarbanes-Oxley regime in the US is that directors will go to prison if they fall short. If a version is implemented in the UK and there is no such penalty in scope, how will the regime work?
Weak internal controls and poor risk management are clear contributors to company failure and the erosion of trust. Whether importing elements of the US Sarbanes-Oxley (SOX) regime is the right direction for the UK to take is part of the discussion we at ICAEW would like to have with you as we build our response to the BEIS White Paper ‘Restoring trust in audit and corporate governance’.
This month’s top technical stories on ICAEW Insights include news on the fourth self-employed grant, new EU sustainability disclosure rules and how auditors can report on irregularities, including fraud.
Need to knowSEISS 4 claims open up: HMRC has contacted those potentially eligible for the fourth Self-employment Income Support Scheme grant. ICAEW’s Tax Faculty has updated its guidance and a webinar is available to all members.
Working from home tax relief continues, but new claims required: Employees working from home due to the coronavirus pandemic can continue to claim tax relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year, HMRC has confirmed.
L. Graham (John Wiley, 2015, 392 pages)
This book offers a guide and comprehensive reference to the newly revised framework established by COSO [Committee of Sponsoring Organisations]. Appendices include illustrative forms and templates.
To borrow this book please contact the Library.
Featured article
Internal auditor, February 2015, pages 31-35
As organisations map their existing controls to the Committee of Sponsoring Organizations of the Treadway Commission s (COSO) updated Internal Control: Integrated Framework , it is becoming clear that some areas will see little change, while other areas will see opportunities to increase the effectiveness and efficiency of their controls.
To request a copy of this article please contact the Library.
ICAEW’s Audit and Assurance Faculty has produced a second “Know-How” guide for auditors who are reporting on irregularities for the first time.
For periods commencing on or after 15 December 2019, all auditors (where ISAs (UK) apply) are required to explain in the auditor’s report the extent to which the audit was considered capable of detecting irregularities, including fraud.
The FRC has encouraged auditors to provide an explanation that reports matters of significance clearly and concisely, and that is focused on those laws and regulations that the auditor identified as being of significance in the context of the entity. The FRC also encourages these explanations to be tailored to the circumstances of each audit, and seeks to avoid ‘boilerplate’ wording. But starting with a ‘blank piece of paper’ in the first year of reporting might be daunting for some.