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IAASA publishes its consultation on the future auditing framework for Ireland

IAASA has today published its consultation on The future auditing framework for Ireland (‘Consultation Paper’).

On 15 June 2016, the Minister for Jobs, Enterprise and Innovation signed the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, And Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016) which came into operation on the 17 June 2016. One of the impacts of the Regulations is that IAASA is now responsible for the adoption of the auditing framework in Ireland.   

The Consultation Paper outlines the following three options which IAASA could adopt/adapt as a future auditing framework for Ireland:

  1. Option 1 – adapt the UK FRC audit framework for the Irish market;

  1. Option 2 – adopt the international audit framework; or

  1. Option 3 – develop domestic standards.

IAASA is seeking the views of stakeholders and invites interested parties to provide their comments on the Consultation Paper by email only, to [email protected] no later than 5.30pm on Wednesday, 30 November 2016.

While responses may include attachments, such attachments must not be encrypted. All responses from identifiable individuals and organisations received by the deadline will be considered by IAASA.

Depending on the nature and scale of responses, IAASA may publish a feedback statement summarising the content of the responses. Respondents should note that, in the interest of transparency, their responses may be published in full or in part (and may be attributed to the respondent) by IAASA in that feedback statement.

The Consultation Paper is available here.