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IAASA publishes its AAPA Report for 2020

The Irish Auditing and Accounting Supervisory Authority (IAASA) has today published its 2020 Annual Audit Programme and Activity Report.

This report provides a summary of the activities performed by IAASA during 2020 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 2020 include:

  • Inspection of seven PIE firms, reviewing 23 audits and four internal control areas.

  • Conclusion of a statutory investigation into poor quality audit work by one PIE firm on two PIE audits.

  • 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 the International Standard on Auditing (Ireland) 701 and on the International Standard on Auditing (Ireland) 540.

  • Completion of four supervisory visit s to three of Ireland’s ecognised accountancy bodies

  • Hosting of an Audit Committee breakfast 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.