Changes to Auditing Framework for Ireland

signature-962355_640 As covered in during our 2016 series of blogs, The Minister for Jobs, Enterprise and Innovation signed Statutory Instrument (SI) No 312 of 2016 on 15 June 2016. The signing of this SI gave effect to the ARD in Ireland and Chartered Accountants Ireland have issued a Technical Alert (03/2016) relating to same. One of the key aspects of the ARD noted at the time was that there would be changes to auditing and ethical standards, including the increased responsibilities of the Irish Auditing and Accounting Supervisory Authority (IAASA).

New Auditing Standards

On the 30 January 2017, IAASA announced that they have adopted the Auditing Framework for Ireland, known as the standards. These standards are a tailored version of the UK FRC Framework for use in Ireland. The new standards can be found on the IAASA website. 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.

What questions do you have?

We are happy to help. Please post your comment below or call Will Townsend (ACA, BBS (ACC), CMC), an audit partner in Cooney Carey, on 01 677 9000. Alternatively, send him an email: wtowsend@cooneycarey.ie

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