We’re recruiting!
We’re very excited to be recruiting a full or part time technical trainer and audit file reviewer to our team. Please get in touch if you know of anyone who might be interested. Click here for the job spec.
New website
While you’re here, why not browse our new website?
Upcoming courses
Our full schedule of public CPD courses can be browsed in our 2023 brochure and our booking form is available to download.
Date – Time – Course – Presenter
23rd May – 9.30-12.30 – Accounting for and Auditing LLPs – Peter Herbert
6th June – 9.30-12.30 – Auditing Groups – James Charlton
7th June – 9.30-12.30 – Introduction to Academy Accounts – James Charlton
13th June – 9.30-12.30 – Academies Update – James Charlton
14th June – 9.30-12.30 – AML Update and Refresher – Peter Herbert
20th June – 9.30-11.30 – How to Become an Effective Audit Manager – Richard Hemmings
20th June – 12.30-1.30 – Auditing Creditors – Richard Hemmings
23rd June – 9.30-12.30 – Family Tax Planning – Malcolm Greenbaum
28th June – 9.30-12.30 – ISQM 1 – 6 months in – Peter Herbert & guests
Our 2023 AML E-Learning Programme is available to buy now.
“Excellent delivery, easily understood with some good points raised.” Delegate, Autumn series
FAQs from recent courses
Audit
Where there is some uncertainty around going concern but it is concluded not to be a material uncertainty, does this require disclosure in the financial statements?
FRS 102 para 3.9 requires that “when management is aware, in making its assessment, of material uncertainties related to events or conditions that cast significant doubt upon the entity’s ability to continue as a going concern, the entity shall disclose those uncertainties.”
Where some uncertainty exists, but management conclude that it is not material, there is no requirement to disclosure this.
However, it is viewed by some as best practice to include such disclosures where relevant and doing so became much more prevalent over the course of Brexit and the COVID-19 pandemic, due to the high levels of uncertainty faced by many entities. In the case of the pandemic there was almost a presumption that at least some uncertainty existed and many felt the need to explain how they were affected and any mitigating factors.
Many companies and audit firms continue to include disclosure of non-material uncertainties in the going concern note and this is generally viewed as a positive. However, care should be taken over the wording used!
We recommend including an explicit conclusion as to whether the uncertainties disclosed do, or do not, constitute a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern. This avoids any ambiguity as to the extent of the uncertainty and ensures consistency between the disclosure in the accounts and the conclusion on going concern in the audit report.
CPD
I’ve attended an Insight Training online course. Will I need a Certificate of Completion for it to count as verifiable CPD under the ICAEW’s new CPD regulations?
No! You will, though, need to retain a piece of evidence. The ICAEW has confirmed either a certificate of attendance and a booking confirmation from the course provider count as evidence of verifiable CPD, and that only one piece of evidence per verifiable activity is required.
Financial reporting
A client has purchased a number of contracts from a distressed business. It has treated these as intangibles but now wants to revalue them as they were bought cheap. Is that ok?
Section 18 of FRS 102 states that only intangible assets that are traded on an active market can be revalued for accounting purposes. It goes on to state that items traded in an active market are homogenous; that willing buyers and sellers can normally be found at any time; and that prices are readily available to the public. For intangibles of this type, the first and third criteria above would surely be unlikely to apply. We would thus not expect them to be revalued.
In a recent poll
How much extra work have you done mapping out IT systems and controls for clients in anticipation of the revised ISA (UK) 315?
This is a question we have been posing during recent audit updates. Given that the revised ISA first applies for many for 31 December 2022 year ends, it is perhaps not so surprising that many have responded ‘none or little.’ However given this is something that auditors should always have been doing, the task is not as new as some might think!
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