The Irish Auditing and Accounting Supervisory Authority (IAASA) has today published its 2021 Annual Audit Programme and Activity Report.
This report provides a summary of the activities performed by IAASA during 2021 to oversee the audit profession in Ireland. The report outlines the outcome of IAASA’s quality assurance review of auditors of public–interest entities as well as IAASA’s oversight of the recognised accountancy bodies who supervise auditors of other Irish entities.
Key outcomes of IAASA’s work on the public oversight of statutory auditors in 2021 include:
· Inspection of seven PIE firms, reviewing 30 audits and five internal control areas.
· Conclusion of two statutory investigation into poor quality audit work.
· Completion of seven joint inspections between IAASA’s Audit Quality Unit and IAASA’s Financial Reporting Supervision Unit.
· Issuance of thematic reports by IAASA’s Audit Quality Unit on transparency reports and data analytics in statutory audit.
· Revocation of recognition of two recognised accountancy bodies.
· Hosting of an Audit Committee briefing.
This report provides useful insights into IAASA’s work in overseeing the audit profession and will be of value to stakeholders seeking an enhanced understanding of audit and its regulation.
The Annual Audit Programme and Activity Report is available here.