Audit Procedures Manual (UK)
Our Audit Procedures Manual (UK) contains guidance to support the Mercia audit methodology which is reflected in our Audit Manual Packages and some of our Specialist Manuals such as the Charities, Academies and Pension Schemes Manuals. It also includes guidance on audit regulation and quality management.
Our Audit Procedures Manual can be browsed online or sections of commentary or the whole manual can be downloaded in Microsoft word or PDF.
- Guidance notes that provide you with a background as to how to use the manual and a what’s changed letter identifying all changes from the previous version of the manual.
- General audit procedures containing guidance sections and appendices on general audit procedures, including planning, controlling, recording and completion of audit work.
- Specific audit procedures by audit area, for example, income and debtors, contains guidance for each individual fieldwork section of an audit file and explains the key assertions and likely procedures that are needed.
- The ethical standard section contains an explanation of the procedures needed to comply with the FRC’s Ethical Standard.
January 2024
The principal technical changes in this update include:
- Removal of content for periods commencing before 15 December 2021 as this is no longer relevant; and
- Best practice amendments.
August 2023
The principal technical changes in this update include:
- Changes in relation to ISA (UK) 600 Special considerations - Audits of group financial statements (Including the work of component auditors); and
- The introduction of a new (optional) statistical sampling approach.
February 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
April 2022
This major update to the methodology principally incorporates:
- ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement;
- ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statements; and
- Consequential amendments as a result of the new quality management standards.
May 2021
This update to the Package principally incorporated reporting on irregularities, including fraud.
The ICAEW published 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and commented that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file'. In order to aid this expectation and to reflect changes made in the Audit Manual (UK), the guidance in your Audit Procedures Manual has been updated.
April 2021
A number of changes have been throughout the manual to encourage teams to consider the use of audit data analytics (ADA) on audit engagements. These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas.
February 2021
Brexit - Changes from company law, financial reporting standards and audit regulations have been incorporated throughout the Audit Procedures Manual.
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