IAASA has published its Annual Report 2019, following its laying before the Houses of the Oireachtas by the Minister for Business, Enterprise & Innovation. The Report details Authority’s work in 2019 across its broad remit. Highlights from the 2019 Report include:
- a new Work Programme for the Authority covering the years 2020-2022;
- ongoing preparations by the Authority for the UK’s departure from the EU;
- full implementation of the Recognised Accountancy Bodies’ revised oversight model of statutory audit;
- 40 examinations of issuers’ financial reports, with significant issues including the initial application of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments;
- quality assurance reviews of eight statutory audit firms, the results of which were subsequently published in 2020;
- the commencement of one preliminary investigation and the opening of one full investigation arising from the Authority’s quality assurance reviews of statutory audit firms; and
- the creation of an innovation culture within the Authoity with appropriate management and other supports.
The Chief Executive’s review and Chairperson’s Statement respectively give further information on this work, and on the challenges facing the Authority and the accounting and auditing profession.