On 15 June 2016, the Minister for Jobs, Enterprise and 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.
The Consultation Paper (available here) outlined three options which IAASA could adopt/adapt as a future auditing framework for Ireland:
Option 1 – adapt the UK FRC audit framework for the Irish market;
Option 2 – adopt the international audit framework; or
Option 3 – develop domestic standards.
IAASA noted the points raised in the responses in its consideration of the appropriate auditing framework to be adopted in Ireland. IAASA has concluded that the Auditing Framework for Ireland will be based on the FRC Auditing Framework for the UK.
The Feedback Paper is available here.
The Annex to the Feedback Paper containing the responses received in full is available here.