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IAASA has today published its feedback paper following its consideration of responses to its consultation paper Supplementary Standards and Guidance

12/03/2018

IAASA has today published its feedback paper following its consideration of responses to its consultation paper Supplementary Standards and Guidance.  
 
The consultation paper (available here) sought views regarding the adoption of supplementary  standards and guidance relevant to Ireland issued by the FRC prior to IAASA adopting the Auditing Framework for Ireland, including
  • Standards regarding special purpose financial statements (ISA 800 (Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks)  and ISA 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement);
  • Standards for Investment Reporting (SIRs) ;
  • Practice Notes and Bulletins providing guidance on the application of auditing standards in particular industries or contexts. 
Views were also sought as to whether guidance relating to additional areas would be beneficial to support audit quality.
Having considered comments made in response to the proposals set out in the consultation paper, IAASA has approved adoption of ISAs 800 and 805 for use in Ireland with effect for periods beginning on or after 1 April 2018 (with early adoption permitted) and approved an editorial amendment to International Standard on Quality Control (Ireland) 1, in order to clarify the scope of its requirements relating to quality control.   
 
In addition, IAASA has determined that it will 
  • take steps to obtain a licence for use of the SIRs and adapt them for use in Ireland;
  • develop a plan for update and issue of supplementary guidance; and
  • in doing so, assess whether to develop guidance in additional areas suggested by respondents. 
ISAs (Ireland) 800 and 805  and the updated ISQC 1 are available here
 
The Feedback Paper is available here. Copies of responses received are available in the Annex to the Paper, available here.  
 
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