Following an audit quality inspection undertaken by IAASA and an investigation under section 934 of the Companies Act 2014, the Authority has imposed sanctions on Mr Michael Tuohy, statutory auditor and audit partner in Mazars, in relation to the statutory audit of National Asset Management DAC (‘NAM’), for the year ended 31 December 2016. Under … Continued

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 … Continued

IAASA wishes to fill a fixed-term role for an Administrative Executive for the period to 30 June 2022.  The Administrative Executive will be responsible for the provision of high quality administrative support to the staff of the various operational units in respect of a wide range of activities. The successful candidate will work closely with … Continued

IAASA has published its 2020 Annual Report, detailing its activities for that year across its areas of responsibility.  The  Chief Executive’s and Chairperson’s respective statements set out IAASA’s achievements for 2020, and its outlook for future years. Among these achievements are: the first publication of the Authority’s quality assurance reports on public interest entity auditors; … Continued

IAASA has published its annual Profile of the Profession which contains statistical data regarding the eight Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit in Ireland for the year 2020. The Profile, which was compiled with the assistance of the PABs, presents an overview of the PABs’ memberships, student numbers and profiles, as well as the nature … Continued

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 to revoke the recognition of the Institute of Chartered Accountants of Scotland (‘ICAS’) granted under S.930 of the Act with effect from 22 December 2021. This means that ICAS may … Continued

Expectations in respect of the European Single Electronic Format (ESEF) Regulation Under the EU Transparency Directive and ESEF Regulation, annual financial reports of issuers which have securities listed on an EU regulated market must be published in accordance with the requirements of the European Single Electronic Format (ESEF) for financial years beginning on or after … Continued

Earlier this year, it was announced that the requirements of the European Single Electronic Format (ESEF) Regulation would be postponed  for one year as part of the EU Capital Markets Recovery Package. In light of this delay, under  the EU Transparency Directive and ESEF Regulation, annual financial reports of issuers which have securities admitted to … Continued

IAASA, Ireland’s accounting enforcer, has today published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021.  IAASA’s paper highlights some key areas that warrant close scrutiny by those preparing, approving and auditing 2021 financial statements in the upcoming reporting season including:  alternative performance … Continued

IAASA has recently finalised guidelines for the recognised accountancy bodies which apply when they perform investigation and disciplinary functions in respect of their accountant and auditor members. The effective date of these guidelines is 1 January 2022. The provision of accounting and auditing services to clients places accountants in a special position of trust. Clients, … Continued