The Irish Auditing and Accounting Supervisory Authority (IAASA) has today published a report on good repute for Statutory Auditors and Audit firms.
This report provides a summary of how the recognised accountancy bodies (RABs), that approve and supervise Statutory Auditors and Audit firms in Ireland, consider the good repute of these parties. This report provides useful insights into the application of the legal requirement for good repute by considering:
the definitions used for good repute
the evidence assessed to demonstrate good repute, and
the escalation of matters where good repute may be compromised.
The report demonstrates common ground as well as differences arising in the approaches taken by the three RABs regarding good repute. The results of this report will inform IAASA in its development of Guidelines on Education and Licensing. It may also be useful to the bodies and to other readers of the report in providing information on different steps that can be adopted to ensure good repute assessments are as effective as possible.
The report on Good Repute for Statutory Auditors and Audit Firms is available here.