Yes, firmwide reports are shared with the CAI Professional Standards team, or other relevant RAB. The purpose of sharing the reports is to allow the Professional Standards team to understand any firmwide issues arising which may impact on their selections and/or procedures in relation to QA of non-PIE audits. The information is shared on condition that the Quality Assurance Committee and other non CAI employees, which includes practitioners, do not have access to the reports or extracts thereof. The Committee may be informed that the report has been shared and that it has impacted on the Professional Standards inspection approach. For any future entrants to the PIE market who may be members of other RABs, the structures of those RABs will be reviewed and similar safeguards considered. The reports are also used by CAI staff in performing their legislative functions of approval and registration of auditors and audit firms.
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Home » Are reports shared with CAI Professional Standards? If so, for what purpose and what safeguards are in place?
Other news
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IAASA-IAFA Accounting Education Conference
IAASA hosted the IAASA-IAFA…
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ESMA publishes annual public statement setting out 2024 European common enforcement priorities
The European Securities and…
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IAASA publishes annual Observations paper highlighting some key considerations for companies’ 2024 annual reports
IAASA, Ireland’s accounting enforcer,…
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Updates to the Irish Auditing Standards
IAASA has updated the…