IAASA has today published its 2019 Annual Audit Programme and Activity Report. This report provides a summary of the activities performed by IAASA during 2019 to oversee the audit profession in Ireland. In particular, it outlines the outcome of its quality assurance review of auditors of public–interest entities as well as its oversight of the recognised accountancy bodies who supervise auditors of other Irish entities.
Key outcomes of the Authority’s work on the public oversight of statutory auditors in 2019 include:
completion of the second round inspection of eight PIE firms by the audit quality unit, reviewing 24 audits and four internal control areas;
publication of a Guide to IAASA’s Reports on the Quality Assurance Reviews of PIE Firms;
initiation of a statutory investigation into poor quality audit work identified on two audits by the audit quality unit;
completion of on-site work on three supervisory visits to the RABs and the issue of a thematic report to them setting out supervisory expectations in respect of their regulation and oversight of continuing professional development.
This report provides useful insights into the Authority’s work on oversight of the audit profession and will be of value to stakeholders seeking an enhanced understanding of audit and its regulation. The Report is available here.