Our Audit Procedures Manual (UK) contains guidance to support the Mercia audit methodology which is reflected in our Audit Manual Packages and some of our Specialist Manuals such as the Charities, Academies and Pension Schemes Manuals. It also includes guidance on audit regulation and quality control, including fit and proper and independence forms and an audit compliance review.
Our Audit Procedures Manual can be browsed online or sections of commentary or the whole manual can be downloaded in Microsoft word or PDF.
This major update to the methodology principally incorporates:
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 and to reflect changes made in the Audit Manual (UK), the guidance in your Audit Procedures Manual has 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.
Brexit - Changes from company law, financial reporting standards and audit regulations have been incorporated throughout the Audit Procedures Manual.
|Annual subscription fee|
|Sole Practitioner / Non-Audit Firm*||£150.00|
|Audit registered firms with 2-4 RIs*||£180.00|
|Audit registered firms with 5-9 RIs*||£220.00|
For 10 or more RIs please contact us at email@example.com or call 0330 058 7141.
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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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