On 10 November 2017, the Irish Auditing and Accounting Supervisory Authority (’IAASA’) issued a consultation paper seeking the views of stakeholders regarding IAASA’s intended policy on adopting additional standards and its intended policy with regard to guidance documents for auditors.
For financial periods beginning before 17 June 2016, the relevant auditing standards are the (2009) ’Auditing Standards (UK and Ireland)’ and the (2010) ’Ethical Standards for Auditors (UK and Ireland)’, of the Financial Reporting Council (’FRC’). For those financial periods beginning before 17 June 2016, the FRC also issued a number of practice notes and bulletins that were designed to provide additional guidance to auditors, including some developed specifically for the Irish market. Those specifically relating to Irish entities have since been withdrawn by the FRC and to date, have not been issued by IAASA. Further, the FRC has issued two other relevant auditing standards and five ’standards on investment reporting’ (’SIRs’), none of which has yet been adopted by IAASA.
IAASA now is reviewing the practice notes and bulletins (relating to Ireland) that previously had been issued by the FRC. As a potential output of this review, IAASA may update and re-issue those practice notes and bulletins that contain guidance that is of continuing relevance to auditors of Irish entities. IAASA is also considering the additional auditing standards and SIRs in order to determine whether it is appropriate to amend and adopt them for use in Ireland.