Brexit and its potential impact on Audit and Accountancy
IAASA has issued its review Brexit and its potential impact on Audit and Accountancy
. The document provides an overview of the various challenges and opportunities that Brexit
may bring to the Authority and those entities within its remit. Its purpose is to stimulate discussion and debate in relation to those challenges and opportunities, to provide input and context for stakeholders’ strategic and operational planning over the medium term, and to input into the work of Government in its discussions with relevant stakeholders.
IAASA adopts the Auditing Framework for Ireland
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