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

The European Securities and Markets Authority (ESMA) has today published its report “Enforcement and regulatory activities of European enforcers in 2020”. The Report provides an overview of the activities of ESMA and of European accounting enforcers when examining compliance of financial and non-financial statements of European issuers. It presents further activities contributing to supervisory convergence and to development … Continued

IFIAR publishes its 2020 survey of inspection findings IFIAR has published its ninth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms. Fifty IFIAR members contributed to the survey and reported findings affiliated with the six largest global audit firm networks: BDO, Deloitte, EY, Grant Thornton, KPMG and PricewaterhouseCoopers. … Continued

The European Securities and Markets Authority (ESMA) has today published a Public Statement calling for greater transparency regarding the financial reporting treatment of the ECB’s Targeted Longer-Term Refinancing Operations in the IFRS financial statements of banks. ESMA has observed that there is diversity in practice regarding the treatment of the TLTRO III refinancing transactions in … Continued

The Institute of Chartered Accountants of Scotland (‘ICAS’) has applied to IAASA to have its recognition revoked in December 2021. IAASA is now seeking submissions from interested parties by 30 November 2021. If ICAS’ recognition were to be revoked, it would mean that ICAS would no longer be able to approve statutory auditors in Ireland. … Continued

Following the end of the transition period on 31 December 2020, the UK is now a third country under statutory audit legislation. UK registered auditors who wish to audit entities incorporated in the Republic of Ireland (ROI) will now need to register as third country auditors under the process set out in ROI law. To … Continued

Following public consultation, IAASA has today (14 December) updated the definition of ‘’listed entity’ in its Glossary of Terms. The amendment will align the definition of ‘listed entity’ in the Irish auditing framework more closely with the International Auditing and Assurance Standards Board (IAASB) definition. It will also provide additional clarity to auditors about the … Continued

IAASA has published a consultation on its intention to amend the definition of ‘listed entity’ in its Glossary of Terms, which defines the terms used in the Irish auditing and assurance standards. The consultation is available here. Stakeholders and interested parties are invited to provide comments to [email protected] no later than 5pm on Friday 3 December 2021.