Technical Alert TA 02/2017 Guidance on the new ISAs (Ireland)

Jun 09, 2017

In January 2017 the Irish Auditing and Accounting Supervisory Authority (“IAASA”) introduced the new Auditing Framework for statutory audits in Ireland called ISA’s (Ireland). This Technical Alert highlights to members the key new requirements of the Auditing Standards applicable in Ireland under this new auditing framework.

The ISAs (Ireland) standards are mandatory for use in auditing statutory financial statements of Irish companies with periods beginning on or after 17 June 2016.

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.

The requirements of the standards can apply differently depending on the type of entity being audited, with the majority of requirements applying to all entities, certain additional requirements applying to both listed entities and PIEs, and other requirements applying only to PIEs. This Technical Alert categorises the new requirements applying to different types of entities.

Technical Alert 02-2017 ISAs (Ireland) also includes a number of example audit reports :

  • Auditor’s report on financial statements of an Irish Company – Private Group
  • Auditor’s report on financial statements of an Irish Company – Listed
  • Auditor’s report on financial statements of Irish Company - Listed PIE
  • Auditor’s report on financial statement of Irish Company – Private Company