Commission for Regulation of Utilities PSO Levy

Mar 29, 2019

It has been brought to our attention that the Commission for Regulation of Utilities (the Commission) has published a “Notification to Suppliers Engagement of Auditors Regarding Certification of the PSO levy Information Paper”. 

This contains a “Auditors Certificate work programme template” which we believe is unsuitable for a number of reasons.  Auditors are required to report in accordance with internationally recognised framework and the report included in the template is not drafted in accordance with any such framework making it inappropriate for our members to sign.  International Standard on Related Services ISRS 4400 “Engagements to Perform Agreed-Upon Procedures Regarding Financial Information” (available from the IAASB’s website www.iaasb.org ) provides guidance on such assignments. Our guidance issued to members in Miscellaneous Technical Statement Reporting to Third Parties (M39), available to members on CHARIOT provides similar guidance.  We have engaged with the Commission and are seeking to discuss the matter further with them.  In the meantime we would advise members who have clients requesting these reports for the Commission to report using an appropriate reporting framework as they would have used in previous years.  Please contact the Technical Enquiry Service if you wish to discuss the matter. (email to technical@charteredaccountants.ie  or phone 01 523 3920).