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 in England and Wales (‘ICAEW’) granted under S.930 of the Act with effect from 21 July 2021. This means that … Continued

On 31 March 2021 the European Securities and Markets Authority (ESMA) issued a Public Statement “Brexit: Clarifications on the application of the TD requirements by UK issuers with securities admitted to trading on regulated markets in the EU” concerning the application of transparency requirements by UK issuers with securities admitted to trading on regulated markets … Continued

IAASA seeks to recruit a Project Manager to its Financial Reporting Supervision Unit.  The Financial Reporting Supervision Unit examines the compliance of certain entities’ periodic financial reporting with applicable accounting standards (principally IFRS and Irish/UK GAAP) and relevant legislation.  The Unit is also responsible for liaising with other countries’ financial reporting and enforcement bodies and fora, … Continued

Following public consultation, IAASA has today (21 December) issued: International Standard on Quality Management (‘ISQM’) (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; International Standard on Quality Management (Ireland) 2, Engagement Quality Reviews; and International Standard on Auditing (‘ISA’) (Ireland) 220 (Revised … Continued

IAASA has published a Consultation Paper on its proposals to issue  revised versions of International Standard on Quality Management (‘ISQM’) (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; International Standard on Quality Management (Ireland) 2, Engagement Quality Reviews; and International Standard on Auditing (‘ISA’) … Continued

In 2019, the International Forum of Independent Audit Regulators (IFIAR) established the Internationally Relevant Developments in Audit Markets Task Force to monitor developments in IFIAR Member jurisdictions, focusing on developments relevant to the audits of public interest entities. To do so, the task force conducted an extensive survey amongst IFIAR Members in the beginning of … Continued

The Regulatory & Monitoring Supervision Unit holds a wide range of responsibilities relating to supervision of the accountancy profession. Its key activities relate to oversight of how the eight Prescribed Accountancy Bodies in Ireland regulate and monitor their members as well as oversight of how the five Recognised Accountancy Bodies perform the regulatory functions assigned … Continued

IAASA, Ireland’s accounting enforcer, has today published an Information Note IAS 36 Impairment of Assets – information requests from IAASA. The objective of IAS 36 is to prescribe the procedures that an issuer applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than … Continued

The European Securities and Markets Authority (ESMA) has issued a Public Statement addressing actions that market participants have to take in relation to the COVID-19 outbreak in order to preserve investor protection, the integrity of markets and financial stability. That Public Statement includes recommended actions in relation to financial reporting, as follows: “Financial Reporting – … Continued

IAASA has today published its 2019 Annual Audit Programme and Activity Report.  This report provides a summary of the activities performed by IAASA during 2019 to oversee the audit profession in Ireland. In particular, it outlines the outcome of its quality assurance review of auditors of public–interest entities as well as its oversight of the … Continued