CAEW’s audit monitoring report for 2020/21 shows most firms reached a good standard. But it also flags areas for improvement, highlights how root cause analysis can boost performance, and urges firms to tell an audit story.
As a Recognised Supervisory Body for audit, ICAEW monitors the work of firms of all sizes, from sole practitioners to the Big Four. The Quality Assurance Department’s (QAD) latest report covers monitoring reviews carried out during the 15 months to 31 March 2021, which includes the first year of the COVID-19 pandemic.
“ICAEW quality assurance reviewers continued to see many examples of robust audit work, with 76% of audits satisfactory or generally acceptable,” says Rama Krishnan, Chair of ICAEW’s Audit Registration Committee (ARC).
