IAASA has updated the auditing standards to reflect the conforming amendments required due to the revision of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors) in February 2023. The revised standard is effective for financial periods beginning on or after 15 December 2023.
The standards that have been updated to reflect the conforming amendments are:
- ISA (Ireland) 220, Quality Management for an Audit of Financial Statements
- ISA (Ireland) 230, Audit Documentation
- ISA (Ireland) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- 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) 320, Materiality in Planning and Performing an Audit
- ISA (Ireland) 402, Audit Considerations Relating to an Entity Using a Service Organization
- ISA (Ireland) 501, Audit Evidence – Specific Considerations for Selected Items
- ISA (Ireland) 510, Initial Audit Engagements—Opening Balances
- ISA (Ireland) 550, Related Parties
- ISA (Ireland) 610, Using the Work of Internal Auditors
- 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) 705, Modifications to the Opinion in the Independent Auditor’s Report
- ISA (Ireland) 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
- ISA (Ireland) 710, Comparative Information— Corresponding Figures and Comparative Financial Statements
- 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
- ISQM (Ireland) 2, Engagement Quality Reviews
In addition, ISQM (Ireland) 1 was updated in September to reflect both the conforming amendments arising from ISA (Ireland) 600 and the requirements of the Corporate Sustainability Directive.
The updated standards are available on the “Auditing Standards” page of our website (click here).