Consultation paper on the proposal to issue a guidance note on the duty of auditors to report to the Director of Corporate Enforcement

Jun 21, 2019
IAASA has issued a consultation paper seeking stakeholders' views regarding its proposal to issue a guidance note on the duty of auditors to report to the Director of Corporate Enforcement.

The consultation paper is available here.

The accompanying draft guidance note is available here.

The guidance note is based on the Bulletin 2007/2 - The Duty of Auditors in the Republic of Ireland to Report to the Director of Corporate Enforcement (issued March 2007) published by the Financial Reporting Council, which was subsequently withdrawn. The principal changes are:

  • The enactment of the Companies Act 2014, which consolidated Irish companies legislation into a single act. The duty of auditors to report suspected category 1 and 2 offences to the Director of Corporate Enforcement is set out in section 393(1) of that Act;
  • The duty of auditors to report certain suspected indictable offences to the Director of Corporate Enforcement under section 122(1) of the ICAV Act;
  • Since June 2016, IAASA is responsible for the adoption of the Irish auditing framework; and
  • Changes to the International Standards on Auditing applicable in Ireland since 2007.
Stakeholders and interested parties are invited to provide responses by email only to submissions@iaasa.ie by 5pm on 19 July 2019.

Published: 14 June 2019.

Source: IAASA.