Brexit and audit

4 January 2021: Following the end of the Brexit transition period, new UK Audit Regulations are now in place, effective 1 January 2021. The major changes involve the qualification of EEA auditors and firms that could affect responsible individual (RI) status and ownership tests.

4 January 2021: The joint UK and Ireland Regulations issued in January 2020 remain in effect for Irish audits. Following the end of the Brexit transition period, some changes to eligibility are due. These will take effect once the Irish government has issued the appropriate legislation.

16 October 2020: The Financial Reporting Council’s Jon Thompson spoke about the drivers for and progress in audit reform, the attractiveness of the profession and the challenges of COVID-19.

9 March 2020: as more amendments are made to law which affect its availability, we clarify how Brexit has affected audit exemption by parent guarantee.

The transition period which followed the exit of the UK from the European Union ended on 31 December 2020.

As a pervasive issue affecting many businesses, it is important that firms develop a consistent approach to Brexit. This guide provides some tips to help you do that.

Auditors will need to consider how Brexit-related risks could impact on the firms they’re auditing. Our guide provides a framework for that analysis.

This page presents an overview of instructions and guidance for small practices to prepare during the transition period following Brexit.

Auditors of UK companies (ie, companies incorporated in the UK) with listings on the Irish Stock Exchange, (such as listed debt), will be required to register with IAASA as third country auditors at the end of the transition period (31 December 2020) unless their registration continues to be accepted on the Irish audit register.

BEIS and the FRC have issued on 22 February 2019 five documents that set out the necessary steps all audit firms (large and small) should undertake to prepare for Brexit including no-deal outcomes.

This guide outlines some considerations to help banks and others, including auditors and internal auditors, approach the challenges that have arisen from the introduction of IFRS 9 Financial Instruments and Brexit’s potential impact on this.

An update on changes to UK audit regulation and current consultations.

ICAEW’s audit-related Brexit Guidance is intended to help auditors of SMEs deal with current Brexit-related uncertainties associated with a potential no-deal exit as they affect 31 December 2018 and 31 March 2019 audits.

This letter from the Department for Business, Energy & Industrial Strategy, explains the arrangements that will be in place at the end of the transition period.

Brief guidance for UK audit firms, UK auditors, and those with UK audit qualifications operating in the EEA.

This webinar, hosted by the Department for Business, Energy & Industrial Strategy, provides information on the actions you should take to prepare your business for new rules from January 2021.