Mercia Group 
22 July 2022 00:00In this edition of Newswire, you’ll find more information on what we can expect in the coming months and why there is no time to waste when it comes to the implementation of the new International Standards on Quality Management (ISQM).
Even though the winter months may feel a long way off, they will be upon us before we know it and December will bring the implementation of the new standards. Accountancy firms that need to prepare for ISQM (UK) 1 include firms which perform audits, reviews of financial statements, or provide other assurance or related services engagements. To be compliant, these firms need to complete the implementation of ISQM (UK) 1 by 15 December 2022.
Our manual has been designed for firms of all sizes and breaks down the process into easy to manage sections. In addition, in our podcast 'ISQM – Getting Ready', we explore how firms can prepare for ISQM and what it means to undertake a Root Cause Analysis.
We also look at the latest National Minimum Wage guidance for employers and HMRC’s consultation on details for Making Tax Digital for Income Tax - please see the tax section for details. On the audit side, we update you on the next steps in the transition to a new regulator and guidance for auditors to improve how they exercise their professional judgement.
We’re looking forward to keeping you up to date you on the latest in the world of tax and accounting.
New standards for Quality Management in Auditing and Reviews of Financial Statements are coming. Get prepared with our new Quality management manual.
David Norris talks about preparing for 15 December 2022 and what it means to undertake Root Cause Analysis.
FRC publishes first of its kind professional judgement guidance for auditors
Last month we reported that plans to introduce legislation to reform the UK audit market had been announced.
FRC sets out next steps in transition to new regulator
The Financial Reporting Council (FRC) has published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework.
Updated ICAEW TAS helpsheet: Accounting for a hive-up under FRS 102
The ICAEW Technical Advisory Service (TAS) has issued an updated version of its helpsheet to assist in understanding of the accounting for a hive-up under FRS 102.
National Minimum Wage information for employers
HMRC have updated the information about the checks they carry out to make sure businesses are paying workers at least the National Minimum Wage.
MTD draft regulations
HMRC is consulting on details which will be required as part of MTD for IT.
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