IAASA has today published a consultation on the model to apportion the costs of its Audit Inspection Unit (‘AIU’) among the auditors of Public Interest Entities (‘PIEs’).
PIEs include entities listed on the main market of the Irish Stock Exchange, banks, insurance companies and certain funds. PIE auditors currently comprise eight audit firms in the State: BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, Moore Stephens Nathans and PwC. The AIU’s overall objective will be to inspect PIE auditors’ work and to promote and require improvements in the quality of such audits.
IAASA is seeking the views of stakeholders and invites interested parties to provide their comments on the proposals, which are set out in a consultation paper accessible here. Responses should be by e-mail only, to [email protected], no later than midnight on 11 November 2015.
While responses may include attachments, such attachments must not be encrypted. All responses received by the deadline will be considered. Depending on the nature and scale of responses, IAASA may publish a Feedback Statement summarising their content. Respondents should note that, in the interests of transparency, their responses may be published in full or in part (and may be attributed to the respondent) in such a Feedback Statement.