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

IAASA, Ireland’s accounting enforcer, has today published an Information Note setting out how companies have accounted for leases under IFRS 16 – Leases, the new leases accounting standard. IAASA has identified scope for improvement in the disclosures made in companies’ first set of annual financial statements following their adoption of the Standard. Overall, IAASA noted … Continued

In August 2020, IAASA published its consultation on the proposal to revise ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement, in line with the revisions made by the Financial Reporting Council (FRC) and the International Auditing and Assurance Standards Board (IAASB). IAASA notes that respondents were in agreement with the proposal to … Continued

IAASA has created a Covid hub on its website. The hub includes statements and publications from various regulatory bodies in the context of Covid-19. It also includes a statement from IAASA on the challenges for audit arising from Covid-19. IAASA continually engages with auditors of public-interest entities and recognised accountancy bodies to understand the difficulties … Continued