Skip to content

Updates to the Irish Auditing Standards & Glossary of Terms

IAASA has updated the auditing standards to reflect the conforming amendments required due to the adoption of the quality management standards.

The quality management standards adopted by IAASA in December 2021 are:

  • ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
  • ISQM (Ireland) 2, Engagement Quality Reviews
  • ISA (Ireland)  220, Quality Management for an Audit of Financial Statements

They are effective from December 2022.

The standards that have been updated to reflect the conforming amendments are:

  • ISA (Ireland) 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (Ireland)
  • ISA (Ireland) 210, Agreeing the Terms of Audit Engagements
  • ISA (Ireland) 230, Audit Documentation
  • ISA (Ireland) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements
  • ISA (Ireland) 260, Communication with Those Charged with Governance
  • ISA (Ireland) 300, Planning an Audit of Financial Statements
  • ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement
  • ISA (Ireland) 500, Audit Evidence
  • ISA (Ireland) 540, Auditing Accounting Estimates and Related Disclosures
  • ISA (Ireland) 610, Using the Work of Internal Auditors
  • ISA (Ireland) 620, Using the Work of an Auditor’s Expert
  • ISA (Ireland) 700, Forming an Opinion and Reporting on Financial Statements
  • ISA (Ireland) 701, Communicating Key Audit Matters in the Independent Auditor’s Report
  • ISA (Ireland) 720, The Auditor’s Responsibilities Relating to Other Information
  • ISA (Ireland) 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

A document setting out these conforming amendments is available here on our website. The Glossary of Terms has also been updated to reflect these changes.

In addition, ISQM (Ireland) 1 has been updated to reflect the fact the Standards for Investment Reporting (Ireland) were issued in 2022 and paragraph 18R-1 of ISQM (Ireland) 2 has been amended to reflect the requirement of the EU Audit Regulation that the engagement quality reviewer for a public interest entity is a statutory auditor.

The updated standards and Glossary of Terms are available on the “Auditing Standards” page of our website (click here).