Audit & Assurance Sandbox

Published: 24 September 2023

1 minute read

The Audit & Assurance sandbox is a collaborative and innovative approach to identifying and developing solutions to technical and policy issues in the audit and assurance space.

Terms of Reference

Terms of Reference
Name Audit & Assurance Sandbox Terms of Reference (December 2022)
Publication date 8 December 2022
Format PDF, 104.3 KB

Upcoming initiatives

Participation is by invitation, but applications to be considered can be submitted to the sandbox mailbox at [email protected].

Ongoing and completed initiatives

Materiality in Local Government Audit

This initiative seeks to explore materiality judgements that auditors make for the audits of local government financial statements, and the potential application of specific materiality thresholds for balances included in Comprehensive Income and Expenditure Statements.

Output

We discussed current approaches to materiality in local audit, as well as when other approaches may be appropriate, and summarised these for circulation to those who took part.

Objective, Reasonable and Informed Third Party Test

This initiative seeks to identify better practice among current approaches and innovative ideas for how the test might be carried out or supported.

Output

We issued guidance to support firms in fulfilling this important test.

Models for delivering large FTSE350 audits with firms from different networks

This initiative seeks to explore models for the involvement of non-group-auditor firms in the tendering and delivery of FTSE350 audits in line with Government policy and goals and in compliance with UK auditing standards.

Please get in contact if you are interested in learning about the results of these initiatives (but note that confidentiality agreements may limit the information that we can communicate).

Output

We identified key principles that should underpin certain forms of any future market opening measures.

Firms’ responses to FRC Professional Judgement Guidance

This initiative seeks to understand how firms have responded to the FRC’s 2022 Professional Judgement Guidance.

Contact details

Please email [email protected] with any queries or comments.