10 May 2024 The EU Taxonomy Regulation sets out a classification system that defines criteria for economic activities that are aligned with a net zero trajectory by 2050 and the broader environmental goals other than climate. IAASA undertook a desktop examination of the Taxonomy Regulation disclosures of a sample of issuers’ financial statements and has … Continued

IAASA has today published a financial reporting decision relating to Dalata Hotel Group plc’s accounting treatment of the proceeds from the sale of residential units as revenue in its 31 December 2022 annual financial statements. Dalata Hotel Group plc provided voluntarily undertakings that future financial statements would: The financial reporting decision may be accessed here. … Continued

IAASA has published its annual Profile of the Profession for 2023. This contains statistical data provided by the six Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit. The Profile of the Profession presents an overview of the PABs’ members and students and includes statistics about the PABs’ regulatory and monitoring activities. The full report is available … Continued

Following public consultation, IAASA has today (25 March) issued a revised version of ISA (Ireland) 505 – External Confirmations. The main changes to the standard relate to: The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted. The revised standard is available … Continued

Increase in percentage of inspected audit files needing improvement. Results are“disappointing.” Today, IAASA has published its 2023 quality assurance review reports in respect of sevenfirms that perform statutory audits of public-interest entities in Ireland.The reports summarise IAASA’s inspection of each firm’s implementation of the InternationalStandard on Quality Management (Ireland) 1 (ISQM 1) which was effective … Continued

IAASA’s Audit Quality Unit evaluated the quality of EQRs for each audit selected for inspection in 2023, available here. IAASA’s YouTube channel also includes a video on EQRS available here.

IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The effective date of the standard will be for the assurance of sustainability reporting for financial years starting on or after 1 January 2024, as required by the European Corporate Sustainability Directive (CSRD). As required by the CSRD, … Continued

IAASA undertakes statutory enquiries (‘s933 Enquiries’) and investigations (‘s934 Investigations’) under the companies act 2014 and its own regulations. The preliminary stages are undertaken by the executive. From time to time, IAASA may need to establish committees to carry out full enquiries/investigations, where the matter cannot be settled by mutual agreement before that stage. Membership … Continued

Today, the Irish Auditing and Accounting Supervisory Authority (IAASA) has published a summary of the outcomes of its examinations of financial reports completed in 2023. This summary outlines the findings from financial statement examinations completed by IAASA’s Corporate Reporting Supervision Unit in the year. The summary indicates: The summary may be accessed here