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Outcome of financial statement examinations completed in 2022

Today, the Irish Auditing and Accounting Supervisory Authority (IAASA) has published a summary of the outcomes of its examinations of financial reports completed in 2022.

This summary outlines the findings from financial statement examinations completed by IAASA’s Financial Reporting Supervision Unit in 2022.

The summary shows that the level of compliance by companies with financial reporting requirements is generally good particularly among equity issuers. However, certain companies, particularly some fund and debt issuers, have further progress to make in achieving consistently high-quality financial reports.

Utilising the range of powers at its disposal, three companies were required by IAASA to publish corrective public notices which highlighted deficiencies in their published financial reports.

The summary illustrates the growing impact of climate change and climate impact mitigation initiatives on companies. It also reflects the increasing focus of IAASA and accounting enforcers generally on the financial reporting implications of climate change and climate commitments by companies. This is a feature that we expect to assume increasing significance in the future as companies move to comply with emerging climate reporting standards. The summary may be accessed here.