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Our Audit Manual Package (UK) provides you with all the programmes, documents and guidance needed to undertake a limited company audit under the International Standards of Auditing (ISAs) (UK) and the Ethical Standard.
The package includes:
Our Audit Manual Package (UK) can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
Printed audit file index cards are also available for this manual. Click here to find out more or to order index cards.
This update to the Package principally incorporated reporting on irregularities, including fraud.
The ICAEW published 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and commented that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file'. In order to aid this expectation a new ‘A29 - Reporting on irregularities, including fraud in the auditor's report’ has been included in the Audit Methodology and also an additional test on ‘A21-1’ for the RI to confirm their approval. This is for periods commencing on or after 15 December 2019 only. The guidance in your Audit Procedures Manual has also been updated.
A number of changes have been throughout the manual to encourage teams to consider the use of audit data analytics (ADA) on audit engagements. These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas, with revisions to planning forms providing prompts for you to record its planned use. Given the audit quality and efficiency gains which can provided by the use of ADA, a new planning form (B20) has been added for teams to appraise its use on engagements and record why ADA was or was not considered appropriate to use. Where the use of ADA is intended, a number of other revisions have been made throughout the manual to help you record and reflect on the results from its use.
FRC Ethical Standard 2019 - You may recall that the Audit Procedures Manual (UK) was updated for revised policies and procedures in June 2020 and so this update includes a revision to the Audit Manual ethical forms.
Brexit - Changes from company law, financial reporting standards and audit regulations have been incorporated throughout both your Audit Manual and Audit Procedures Manual.
Two new disclosure checklists have been added to the product:
The new disclosure checklists take into account the relevant technical changes for the applicable period which incorporate a small change to IFRS 16 - Leases and changes to IFRS 7 in relation to IBOR phase I.
The front cover of the IFRS proforma accounts for periods commencing on or after 1 January 2019 has been tweaked to confirm that they are applicable for periods commencing on or after 1 January 2019 but before 1 January 2021.
Guidance has also been added to the Audit approach section of the B30X template.
This update incorporates changes for ISA (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures, ISA (UK) 570 (Revised September 2019) Going Concern and other changes to existing standards including most notably ISA (UK) 700 Forming an opinion and reporting on financial statements and ISA (UK) 250A Consideration of laws and regulations in an audit of financial statements.
|Annual subscription fee|
|Sole Practitioner / Non-Audit Firm*||£230.00|
|Audit registered firms with 2-4 RIs*||£375.00|
|Audit registered firms with 5-9 RIs*||£475.00|
For 10 or more RIs please contact us at firstname.lastname@example.org or call 0330 058 7141.
*Mercia Members receive a 10% discount
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Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
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