IAASA has today issued a consultation paper seeking stakeholders’ views regarding IAASA’s proposal to issue a Guidance Note on The Duty of Auditors to Report to the Director of Corporate Enforcement.
The Guidance Note is based on the Bulletin 2007/2 – The Duty of Auditors in the Republic of Ireland to Report to the Director of Corporate Enforcement (issued March 2007) published by the Financial Reporting Council which was subsequently withdrawn. The principal changes are:
- the enactment of the Companies Act 2014, which consolidated Irish companies legislation into a single act. The duty of auditors to report suspected category 1 and 2 offences to the Director of Corporate Enforcement is set out in section 393(1) that Act;
- the duty of auditors to report certain suspected indictable offences to the Director of Corporate Enforcement under section 122(1) of the ICAV Act;
- since June 2016, IAASA is responsible for the adoption of the Irish auditing framework; and
- changes to the International Standards on Auditing applicable in Ireland since 2007.