Top ten regulatory review complaints

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Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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Steve Collings outlines the most common weaknesses picked up during file reviews for both audit and non-audit assignments.

My last article, Accountants Facing Regulation Overload looked at the increasingly burdensome level of legislation facing practitioners, particularly those who also undertake audit work. The article also looked at the criticisms cited by professional regulators, such as ICAEW QAD officers and ACCA monitoring officers.

This article will look at the top ten common weaknesses firms appear to be criticised for during file reviews for both audit and non-audit assignments with the objective of helping practitioners overcome some of these issues.

1. Inadequate working papers

There is no mandatory requirement to document the work that has...

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By Mr.M
28th Jul 2010 13:15


Very good article. Would be great to see similar article for small companies; covering issues such as directors loan account disclosure and related party transactions.



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28th Jul 2010 16:22

+1 for Very Good Article

Excellent information.

I see an issue for the future, regarding working papers.  Where clients are increasingly using accounting software, firms will wonder what is the point of creating lots of schedules and summaries when the information is already accessible via the software.

Evidencing the work done in reviewing the accounting data, without having to re-create it all in Excel for instance, is a challenge for the accountant, as is the issue of retaining the clients data backup for future reference.  They soon clog up the server!

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28th Jul 2010 19:37

Good Article
Another good article which will help us. Thanks for this.

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29th Jul 2010 12:53

Audit Programmes

The use of most commercially available audit programmes will lead to over-auditing. My preferred approach would be to use the planning and completion sections of a standard commerical package such as PCAs, and then prepare bespoke audit programmes (or even have them pulled into the highlights memo). That way you know you've covered all the requirements of the ISA, but can apply your own professional judgement more closely to decide the level of risk and work at the assertion level.

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