Technical roundup, 17 April

Apr 16, 2020

Chartered Accountants Ireland 

UK

  • Since the onset of the Covid 19 crisis the Financial Reporting Council (FRC) has maintained regular dialogue with audit firms to understand the practical issues they face in undertaking their work. They have used this to develop practical guidance which has recently been issued to ensure they can gather sufficient, appropriate audit evidence to support their auditor’s reports at a time of heightened uncertainty.
  • Matters of material significance are items which independent examiners and auditors must report to the Charity Commission for Northern Ireland should they encounter them while handling the accounts of a charity. Guidance has recently been published in this regard in conjunction with the UK’s other charity regulators – the Charity Commission for England and Wales (CCEW) and the Office of the Scottish Charity Regulator (OSCR).

     

Europe

  • The European Securities and Markets Authority (ESMA) is issuing a Public Statement to promote coordinated action by National Competent Authorities (NCAs) regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and contributors to interest rate benchmarks.

 International