Fri, Oct 5, 2012
Chartered Accountants News advised last week of the publication by the FRC of a number of revised auditing standards to enhance communications to audit committees and auditor reporting.
The revisions mean that, for periods commencing on or after 1 October 2012, the same version of ISA (UK and Ireland) 700 (revised) The Auditor's Report on Financial Statements is now applicable in both Ireland and the UK. The revisions also mean that ISA (UK and Ireland) 705 (revised) Modifications to the Opinion in the Independent Auditor's Report and ISA (UK and Ireland) 706 (revised) Emphasis of Matter Paragraphs and Other matter Paragraphs in the Independent Auditor's Report are now also applicable in Ireland for the first time.
All three standards are effective for audits of financial statements for periods commencing on or after 1 October 2012, with early adoption permitted. Members should note that the standards would also apply to audits of short accounting periods beginning on or after that date.
A revised Bulletin Compendium of Illustrative Auditor's Reports on Irish Financial Statements, to replace APB Bulletin 01/2006, has been prepared and is due to be published by the FRC in the coming weeks.
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