The Irish Auditing and Accounting Supervisory Authority (IAASA) has formally adopted the auditing framework for Ireland, following Ireland signing the EU statutory audits directive and rescinded the former UK regulator oversight
One of the impacts of the regulations is that IAASA is now responsible for the adoption of the auditing framework in Ireland, having obtained a license from the Financial Reporting Council (FRC) to tailor the UK audit framework for use in Ireland.
This work has now been completed and the standards adopted. The standards are mandatory for use in auditing financial statements of periods beginning on or after 17 June 2016, for which audit opinions are signed after 1 February 2017. For audits of financial periods beginning before 17 June 2016, the FRC’s ethical standards ES1-5 and ISAs (UK and Ireland) continue to be the appropriate standards.
In October 2016, IAASA issued a consultation paper seeking feedback in relation to the future auditing framework in Ireland. A number of responses were received and are being reviewed. A feedback statement will be issued in due course.
The standards are available here.
