EU Audit Regulation and Directive (ARD) in Ireland

signature-962355_640 The Minister for Jobs, Enterprise and Innovation signed Statutory Instrument (SI) No 312 of 2016 on 15 June 2016. The signing of this SI gives effect to the ARD in Ireland and Chartered Accountants Ireland have issued a Technical Alert (03/2016) relating to same. From review of the technical alert The ARD will be of most interest to and have the most impact on those working in practice and Public Interest Entities (PIE’s). Some of the key aspects of the ARD would be:
  • Changes to auditing and ethical standards, including the increased responsibilities of the Irish Auditing and Accounting Supervisory Authority (IAASA)
  • Some changes to the format of audit reports
  • Introduction of key independence requirements for PIE’s
  • Some changes to audit committee requirements for PIE’s
The changes to the auditing and ethical standards and audit reports are for statutory audits for financial periods beginning on or after 17 June 2016.

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