IAASA publishes its AAPA Report for 2021 (April 2022)
The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its 2021 Annual Audit Programme and Activity Report.
This report provides a summary of the activities performed by IAASA during 2021 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 well as IAASA’s oversight of the recognised accountancy bodies who supervise auditors of other Irish entities.
Outcomes from IAASA’s work on the public oversight of statutory auditors in 2021 included:
· Inspection of seven PIE firms by reviewing 30 audits and five internal control areas
· First time inspection of the internal control in one PIE firm that was newly notified to IAASA and inspection of an audit conducted by that firm
· Conclusion of two statutory investigations into poor quality audit work
· Publication of reports on the quality assurance reviews of the seven PIE firms inspected in 2020
· Completion of seven joint inspections between IAASA’s Audit Quality Unit and IAASA’s Financial Reporting Supervision Unit
· Hosting a briefing for audit committees
· Issuance of thematic papers on transparency reporting and on data analytics in Ireland’s statutory audit market
· Published an insights series on auditing cash and cash equivalents
· Revocation of recognition of two recognised accountancy bodies
· A supervisory visit to one of Ireland’s recognised accountancy bodies
· Issuance of draft regulatory guidelines for the RABs
The 2021 Annual Audit Programme and Activity Report is available here.