Today (Monday, 15 July 2019), the Financial Reporting Council
(‘FRC’) in the United Kingdom issued a consultation on proposed changes to the UK’s Ethical and Auditing Standards, which may be accessed here
The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA’s policy is to have minimal amendments to the UK framework. Amendments will be considered where there is a conflict with Irish or EU law or where there are clear, distinct differences between the Irish and UK markets, which impact upon the applicability of standards.
In this context, IAASA will review the changes proposed by the FRC and, in due course, issue a public consultation on proposed changes to the Ethical Standard for Auditors (Ireland) and International Standards on Auditing (Ireland) which reflect those proposed by the FRC, except where changes are considered necessary to reflect Irish specific requirements.