IAASA has today published a consultation to seek the views of stakeholders regarding proposed changes to ISA (Ireland) 250 Section A – Consideration of Laws and Regulations in an Audit of Financial Statements.
ISAs (Ireland) are based on ISAs (UK) as issued by the Financial Reporting Council (‘FRC’), which, in turn are based on the corresponding standards issued by the IAASB. The International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (the IESBA Code) was revised in July 2016 to address the professional accountant’s responsibility in relation to non-compliance with laws and regulations (NOCLAR). In response to these changes, the IAASB recently issued a revision of ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements, making limited amendments to ISA 250 (Revised) in order to address actual or perceived inconsistencies of approach between the NOCLAR provisions in the revised IESBA Code and the ISAs. Both IAASA and the FRC support these limited amendments and believe that they represent an improvement to the current standard.
IAASA is seeking the views of stakeholders and invites interested parties to provide their comments on the Consultation Paper by email only, to [email protected] no later than 5.30pm on Friday, 26 May 2017.
While responses may include attachments, such attachments must not be encrypted. All responses from identifiable individuals and organisations received by the deadline will be considered by IAASA.
Depending on the nature and scale of responses, IAASA may publish a feedback statement summarising the content of the responses. Respondents should note that, in the interest of transparency, their responses may be published in full or in part (and may be attributed to the respondent) by IAASA in that feedback statement.
The Consultation Paper is available here.