Pursuant to its powers under section 931(4) of the Companies Act 2014 (‘the Act’), the Irish Auditing and Accounting Supervisory Authority (‘the Authority’) has decided that it is minded to revoke the recognition of the Institute of Chartered Accountants in England and Wales (‘ICAEW’) granted under S.930 of the Act with effect from 21 July … Continued

IAASA has today published its Transparency Reporting – Thematic Review.  The objective of this thematic review was to assess the effectiveness of transparency reporting by PIE audit firms in Ireland, to share areas of good practice and other reporting innovations, and to highlight areas where firms need to make improvements. Specifically, the thematic review focused on … Continued

The Irish Auditing and Accounting Supervisory Authority (IAASA) will host its annual audit committee briefing on 13 October 2021. Topics this year will focus on auditor reporting, developments in corporate reporting as well as regulatory updates from IAASA. The event is planned as a hybrid event, however depending on the status of public health restrictions, … Continued

Following public consultation, IAASA has today (16 December 2021) adopted International Standard on Review Engagements (Ireland) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity (‘ISRE (Ireland) 2410’). The standard is effective for reviews of interim financial information for periods commencing on or after 15 December 2021. The  standard … Continued

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a study on the application of IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments (impairment requirements) regarding banks’ expected credit losses (ECL). The study highlights opportunities for improvement in the level of compliance, comparability and transparency in the application of … Continued

IAASA’s thematic paper on data analytics in Ireland’s statutory audit market IAASA has today published a thematic paper discussing the use of data analytics in Ireland’s statutory audit market, available here. IAASA’s paper provides an overview of the areas where auditors perform data analytical audit procedures and supports in place for auditors in using data … Continued

The Committee of European Auditing Oversight Bodies (CEAOB) has issued revised “CEAOB guidelines on the auditors’ involvement on financial statements in European Single Electronic Format (ESEF)”. They replace the initial guidelines issued by the CEAOB in 2019. The European Single Electronic Format (ESEF) is the new electronic reporting format for annual financial reports published by … Continued

The European Securities and Markets Authority (ESMA) has published the 25th Extract from its database of enforcement decisions taken by EU accounting enforcers.   This 25th Extract, which includes one decision taken by IAASA, comprises eight decisions taken by European enforcers between November 2019 and July 2020. The decisions cover a number of topics including:   (a)   Measurement of expected credit … Continued