06/2020 - UK - Audit Procedures Manual 16.0

Audit Procedures Manual 16.0

The Audit Procedures Manual (available from the Help Menu) has been updated and is now available to download as a Zip file.

What's Changed

This update principally includes updated procedural guidance in relation to the new Ethical Standard published by the FRC in December 2019, largely effective from 15 March 2020.  It also updates for the revised Audit Regulations which apply with effect from 1 January 2020 and to reflect The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 which, with a couple of exceptions, came into force on 10 January 2020.

The changes made in the Audit Procedures Manual relating to the Ethical Standard 2019 have clarified the requirements and placed further restrictions on all statutory auditors, both of PIEs and other entities.

For the first time, this update to your Audit Procedures Manual does not compliment an update to the Mercia Audit Manual.  There are no changes required to your Mercia Audit Manual for the revised Audit Regulations and the changes required to your Mercia Audit Manual which relate to the Ethical Standard 2019 will mostly not be required until periods commencing on or after 15 March 2020.  The special expansion of rules applicable to “other entities of public interest”, allow a little longer, to 15 December 2020.  As such, the changes to your Mercia Audit Manual which relate to the Ethical Standard 2019 are expected to be released in early 2021.  

Audits for periods commencing before 15 March 2020 are conducted in accordance with the Ethical Standard 2016 and policies referred to in the previous version of this manual should be used.