Client Money
1st November 2016Solicitors: New rules for handling client money.
The consultation period has now closed on the proposed new rules for how solicitors handle their client money:
Other items in Audit and Assurance
Ernesta Petkeviciute
29th June 2020
Guidance on pension scheme financial reports and audit featuring Covid-19
A joint guidance has been published by ICAS, ICAEW and PRAG on pension scheme financial reports and audit, with a large focus on Covid-19 matters. The impact of Covid-19 pandemic on the control environment of pension schemes is explored, to help auditors navigate the additional challenges they are likely to experience and help them…
Jaimie King
14th April 2020
Covid-19 and stock-take attendance
Companies that require their accounts to be audited, and hold significant levels of stock at their year-end, expect a visit from their auditors annually to perform test counts of their stock. However, during the current lockdown, auditors are considering other ways to gain the assurance they need over the stock levels held. Some suggestions…
Jaimie King
13th August 2019
Charity accounts assurance
Whether unincorporated, a charitable company or a CIO (charitable incorporated organisation), charities are required to have certain levels of assurance over their financial statements depending on their size. The limits are much smaller than companies, meaning that many charities require some sort of external scrutiny. The requirements by size are as follows: Income up to…
Jaimie King
7th June 2019
Digitalising stocktaking
As the world becomes more digital, it leaves us wondering where further efficiencies could be achieved through switching to more high-tech methods. One possible area for auditors is stocktaking. For an audited entity with significant levels of stock at the year end, it is likely the auditor will want to perform test counts of the…
Jonathan Moore
6th June 2019
Don’t take record keeping for granted
It is common for entities who undertake research and development to receive grant funding for projects that they undertake. Grants will often be paid on the basis of expenditure incurred or a proportion thereon and may be awarded with certain conditions attached. One such condition for grants above a certain level will be the…
Hannah Wisbey
29th October 2018
Great audit expectations
No audit sets out to conclude with total confidence that a set of financial statements are 100% free from any misstatement. To do so would belie the technological reality and scale of modern business; auditors would likely become a permanent fixture at client premises to review every single business transaction and audit would become an…