| TRANSPARENCY REPORT
We have an experienced audit technical training
team who work closely with NATS, QAD, the
Head of Audit Quality and the AMT to ensure
that an appropriate programme of courses is
provided for all audit partners and staff.
Following the outbreak of coronavirus,
the training team converted classroom
training courses to live online delivery. The
improvements in learning technologies and
delivery platforms such as Teams has resulted
in engaging training that can respond quickly
to the needs of the business.
During the year ended 31 March 2021, we
delivered a programme of audit training that
responded to regulatory feedback while also
addressing common areas of challenge identified
by the business and the impact of updated ISAs.
Topics included: regulatory findings; changes to
ISAs; and common areas of challenge.
It is vital that our audit staff are up to speed
with financial reporting developments. An IFRS
Practical Workshop was held in January 2021
covering Narrative Reporting requirements as
well as practical implications of IFRS 9, IFRS
15 and IFRS 16. We also delivered training in
response to the impact of the coronavirus
pandemic on financial statements audits
including: auditing CJRS income; audit
considerations re PBSE and impairment; and
financial reporting changes. Partners and staff
also receive training according to their specific
roles and specialisms.
Partners and staff are trained in
management skills to ensure that
audits run smoothly and effectively
and relevant technical knowledge can
be applied at the appropriate stage of
All new RIs attend an induction course
which emphasises the meaning of being
a 'Responsible Individual' and covers the
additional duties in respect of quality.
There is a mandatory core programme for audit
students, expanding on their college studies in
the areas of financial reporting, audit, business
awareness, personal skills and any relevant
specialist areas eg charities, pensions and
listed companies. Ethical issues, professional
scepticism and audit quality are key themes
throughout their training.
Finally, all new joiners attend a suite of
introductory training over their first three
months. This begins on day one with the basics
and the content builds to complement their
studies and early on the job experience.