On Friday 10 November 2017, IAASA issued a consultation paper seeking the view of stakeholders regarding the Authority’s intended policy on additional standards and its intended policy with regard to guidance documents.
For financial periods beginning before 17 June 2016, the relevant auditing standards are the FRC’s 2010 Ethical Standards for Auditors (UK and Ireland) and 2009 Auditing Standards (UK and Ireland). For those periods, the FRC also issued a number of Practice Notes and Bulletins designed to provide additional guidance to auditors, including some developed specifically for the Irish market. Those specifically relating to Irish entities have since been withdrawn by the FRC and to date, have not been issued by IAASA.
In addition to the guidance documents discussed above, the FRC have two additional auditing standards and five Standards on Investment Reporting (SIRs) which have not yet been adopted by IAASA.
In the light of IAASA’s objective to promote adherence to high professional standards in the auditing profession, the Authority has determined that it is appropriate to review the Practice Notes and Bulletins relating to Ireland previously issued by the FRC. This is with a view to updating and reissuing those Practice Notes and Bulletins containing guidance with continued relevance to auditors of Irish entities. The Authority is also considering the additional auditing standards and SIRs in order to determine whether it is appropriate to amend and adopt those for use in Ireland.
Responses by e-mail only to [email protected] no later than 5:30pm on 12 January 2018.