Audit Manual Package (UK)

• Guidance notes that provide you with a background as to how to use the manual and a what’s changed letter identifying all changes from the previous version of the manual.
• Example engagement letters for audit and group audits and an example letter of representation. Other letters that may be of help throughout an audit include, bank letters, disengagement letters, a successor auditor requesting access letter and a planning communication letter. A group audit questionnaire is also included, along with a group audit instruction letter.
• Example audit reports, including groups for both UK GAAP and UK-adopted IAS. 
• Example pro-forma accounts for full FRS 102, FRS 102 1A (both full and abridged) and UK-adopted IAS.
• Accounts disclosure checklists for full FRS 102, FRS 102 1A, FRS 101, UK-adopted IAS and group FRS 102.
• Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit over a number of years.
• Current file documentation comprising of two separate packs of documentation for audit and group audit. The audit documentation provides you with the planning, completion and detailed work programmes needed to undertake an audit. Lead schedules and a current file index are also included. We also include a suite of spreadsheets including proforma working papers using Microsoft Excel.
• Supplementary forms that provide additional resources that may be useful for certain scenarios, including a file review checklist.
• This subscription also includes the Audit Procedures Manual (UK) which includes guidance on general audit procedures such as the planning, controlling, recording and completion of audit work. It also includes specific procedures by audit area, for example, income and debtors, and sets out the Mercia approach used within the programmes contained in your Audit Manual. There are also sections on Ethics and Audit Regulation and Quality Management. This manual will need tailoring by firms for their own internal policies and procedures.

July 2025
The principal technical changes in this update include:

• Update of the example accounts and accounts disclosure checklists to reflect the September 2024 editions of UK and Ireland accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework - Disclosure exemptions from adopted IFRS for qualifying entities;
• The new size criteria for companies and changes to the Directors' Report requirements as a result of The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024; and
• Additional support for those utilising Audit Data Analytics (ADA) within their audit work.

January 2025
The principal technical changes in this update include:

• Enhancements to the example letters; and
• Enhancements to component auditor workpapers.

June 2024
The principal technical changes in this update include:

• Revisions in accordance with the FRC's Revised Ethical Standard;
• Changes to ISA 505 External Confirmations; and
• Best practice amendments.
  

January 2024
The principal technical changes in this update include:

• Removal of content for periods commencing before 15 December 2021 as this is no longer relevant;
• Update of disclosure checklists for recent minor changes in accounting standards; and
• Best practice amendments. 

August 2023
The principal technical changes in this update include:

• Changes in relation to ISA (UK) 600 Special considerations - Audits of group financial statements (Including the work of component auditors);
• The introduction of a new (optional) statistical sampling approach; and
• The introduction of a set of guidance notes specifically tailored for companies.

Exciting new feature
We have also developed tailoring and customisation tools to help you filter out the irrelevant parts of the Accounts disclosure checklists through a series of questions. These are available in the 'Customise' screen within the menu on the right.

By selecting 'Yes' to the question 'Would you like to tailor your accounts disclosure checklist through a series of questions?', you will then be asked a series of questions. Answering these subsequent questions will filter down the disclosure checklist so that only the checklists / sections you require will be shown / available to download / included within the checklist downloaded.

All prices are subject to VAT. Prices are subject to change on 1 July.

Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email. 

Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.

System Requirements

• Internet access
• Operating System: Windows, Mac IOS
• Applications: Full version of Microsoft Office or Mac equivalent, PDF Reader.