We use cookies to give you the best possible experience on our site. By continuing to use the site you agree to our use of cookies. Find out more.

 

Latest Updates

February 2017


IAASA adopts the Auditing Framework for Ireland

31/01/2017

IAASA has adopted the Auditing Framework for Ireland (“the Standards”).

On 15 June 2016, the Minister for Jobs, Enterprise & Innovation signed the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, And Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016) which came into operation on the 17 June 2016. One of the impacts of the Regulations is that IAASA is now responsible for the adoption of the auditing framework in Ireland.  

On 14 July 2016, IAASA published its intention to obtain a license from the UK’s Financial Reporting Council (‘FRC’) and tailor the UK FRC audit framework for use in Ireland. This work has now been completed and the Standards adopted. The Standards are mandatory for use in auditing financial statements of periods beginning on or after 17 June 2016, for which audit opinions are signed after 1 February 2017. For audits of financial periods beginning before 17 June 2016, the FRC’s Ethical Standards ES1-5 and ISAs (UK and Ireland) continue to be the appropriate standards.

In October 2016, IAASA issued a consultation paper seeking feedback in relation to the future auditing framework in Ireland. A number of responses were received and are being reviewed. A feedback statement will be issued in due course.

The Standards are available here .

 

June 2016

  • IAASA granted increased inspection power on regulation of audit. IAASA will now be directly responsible for the inspection of the audits of Public Interest Entities (‘PIEs’), such as banks, insurance companies and entities listed on regulated stock exchanges.  This function was previously carried out by the recognised accountancy bodies. Read IAASA's full press release here.

February 2016


December 2014

 

  • Guidance for members undertaking reporting engagements in accordance with the Solicitors Accounts Regulations. This Technical Release summarises some of the key requirements of the Regulations but should not be read in isolation or as a replacement for the Regulations. 

  • New consolidated solicitors accounts regulations come in force on 1 December 2014. For details please click here.

June 2014


  • CCAB-I have issued  an information leaflet  - Solicitors Accounts Regulations ROI - Matters arising from the Solicitors Accounts (Amendment) Regulations 2014. The Solicitors Accounts (Amendment) Regulations 2013 (S.I. No. 494 of 2013) came into operation on 1 January 2014, amending the Solicitors Accounts Regulations 2001 to 2006. The amendments to the Solicitors Accounts Regulations were deemed necessary due to the provisions of the Personal Insolvency Act 2012 (Accounts and Related Matters) Regulations 2013, which apply to all Personal Insolvency Practitioners (PIPs) including solicitors.

    A number of practical difficulties have been identified with the amendments in relation to various requirements regarding:

    - the reporting accountant's report; and
    - accounting records and balancing statements. 

 

May 2014

  • The Property Services Regulatory Authority (PRSA) has published revised accountants' reports for new licence applications. Reporting accountants will note that they are now being asked to confirm that the applicant has provided the accountant with evidence that the applicant has opened a client bank account. For further details click here.

April 2014



January 2014

September 2013

The format of the Irish audit report has changed for periods commencing 1st October 2012. Early adoption is recommended and many firms have already made the changes. All firms should now ensure that their internal procedures and policies have been adapted to reflect the changes.

For further information on these changes and to view sample Irish audit reports please visit the Audit Resource on the CPA website.

KEEP UP TO DATE WITH THE LATEST AT CPA