Audit Manual Package (UK)

Our Audit Manual Package (UK) provides you with all the programmes, documents and guidance needed to undertake a limited company audit under the International Standards of Auditing (ISAs) (UK) and the Ethical Standard.

The package includes:

a separate Audit Manual (UK) including all the current and permanent file programmes needed to undertake both a single entity audit and a group audit and includes accounts disclosure checklists, including versions in accordance with IFRS, FRS 101, FRS 102 and FRS 102 Section 1A;
a separate Audit Procedures Manual (UK) containing supporting audit methodology and guidance, as well as guidance on audit regulation and quality control (ISQC 1 (UK)), including fit and proper and independence forms and an audit compliance review; and
online audit methodology training.

Our Audit Manual Package (UK) can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.

Printed audit file index cards are also available for this manual. Click here to find out more or to order index cards.

Paperless Audit version also available

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.
Example engagement letters for audit and group audits and an example letter of representation. Other letters that may be of help throughout an audit include, bank letters, disengagement letters, successor auditor requesting access letter and planning communication letter.
Example audit report, including groups for both UK GAAP and IFRS. A group audit questionnaire is also included, along with a group audit instruction letter.
Example pro-forma accounts for full FRS 102, FRS 102 1A (both full and abridged) and IFRS.
Accounts disclosure checklists for full FRS 102, FRS 102 1A, FRS 101, IFRS and group FRS 102.
Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit over a number of years.
Current file documentation comprising of two separate packs of documentation for audit and group audit. The audit documentation provides you with the planning, completion and detailed work programmes needed to undertake an audit. Lead schedules and a current file index are also included. We also include a suite of spreadsheets including proforma working papers using Microsoft Excel.
This subscription also includes the Audit Procedures Manual which includes guidance on general audit procedures such as the planning, controlling, recording and completion of audit work. It also includes specific procedures by audit area, for example, income and debtors, and sets out the Mercia approach used within the programmes contained in your Audit Manual. There are also sections on Ethics and Audit Regulation & Quality Control and will help ensure compliance with ISQC1. This manual will need tailoring by firms for their own internal policies and procedures.

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 a new ‘A29 - Reporting on irregularities, including fraud in the auditor's report’ has been included in the Audit Methodology and also an additional test on ‘A21-1’ for the RI to confirm their approval. This is for periods commencing on or after 15 December 2019 only. The guidance in your Audit Procedures Manual has also 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, with revisions to planning forms providing prompts for you to record its planned use. Given the audit quality and efficiency gains which can provided by the use of ADA, a new planning form (B20) has been added for teams to appraise its use on engagements and record why ADA was or was not considered appropriate to use. Where the use of ADA is intended, a number of other revisions have been made throughout the manual to help you record and reflect on the results from its use.

February 2021
FRC Ethical Standard 2019 - You may recall that the Audit Procedures Manual (UK) was updated for revised policies and procedures in June 2020 and so this update includes a revision to the Audit Manual ethical forms.
Brexit - Changes from company law, financial reporting standards and audit regulations have been incorporated throughout both your Audit Manual and Audit Procedures Manual.

January 2021
Two new disclosure checklists have been added to the product:

IFRS - for periods commencing on or after 1 January 2020 but before 1 January 2021;
FRS 101 - for periods commencing on or after 1 January 2020 but before 1 January 2021.

The new disclosure checklists take into account the relevant technical changes for the applicable period which incorporate a small change to IFRS 16 - Leases and changes to IFRS 7 in relation to IBOR phase I.

The front cover of the IFRS proforma accounts for periods commencing on or after 1 January 2019 has been tweaked to confirm that they are applicable for periods commencing on or after 1 January 2019 but before 1 January 2021.

Guidance has also been added to the Audit approach section of the B30X template.

November 2020
This update incorporates changes for ISA (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures, ISA (UK) 570 (Revised September 2019) Going Concern and other changes to existing standards including most notably ISA (UK) 700 Forming an opinion and reporting on financial statements and ISA (UK) 250A Consideration of laws and regulations in an audit of financial statements.

Annual subscription fee
Sole Practitioner / Non-Audit Firm*	£230.00
Audit registered firms with 2-4 RIs*	£375.00
Audit registered firms with 5-9 RIs*	£475.00

For 10 or more RIs please contact us at sales@mercia-group.com or call 0330 058 7141.

*Mercia Members receive a 10% discount

All prices are subject to VAT. Prices are subject to change on 1 July.

Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.

Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.

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Operating System: Windows 10.

Applications: Full version of Microsoft Office 2010, 2013 and 2016, Adobe Reader.

Note: Windows Office RT, Office Mobile and Office 365 Online are not currently supported.

Office 365 with a locally installed copy of the Office suite is supported.

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Audit Manual Package (UK)

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