Technical roundup 18 April

Apr 18, 2019

Developments of interest this week are set out below.   

Ireland 

UK

  • A call for evidence was issued on 10 April 2019 for the ‘Independent Review into the Quality and Effectiveness of Audit’ in the UK being led by Sir Donald Brydon (‘the Brydon Review’).  The consultation document contains 60 consultation questions on a wide range of matters. Also, the Competition and Markets Authority (CMA) has just issued its final report in its study of the UK statutory audit services market. Find out more here about the Brydon review and the CMA final report, along with an update on other recent developments in relation to the UK audit sector including the Kingman review and the report on ‘The Future of Audit’ issued recently by the UK Business, Energy and Industrial Strategy Committee.
  • The Prudential Regulation Authority (PRA) Business Plan, which has recently been published, sets out the work plan for each of their strategic goals to support the delivery of the PRA’s strategy, together with an overview of the budget for the period 1 March 2019 to 29 February 2020.

International

  • The April 2019 IASB Update has been published and the work plan updated. Also, the Transition Resource Group for IFRS 17 Insurance Contracts (TRG) held a meeting on Thursday 4 April 2019 and the TRG meeting summary is now available, as is a podcast covering this TRG meeting and the April 2019 IASB meeting about IFRS 17.
  • The International Ethics Standards Board for Accountants (IESBA) Strategy and Work Plan 2019-2023 sets out the IESBA’s strategy for 2019-2023, and the actions and priorities (work plan) to implement the strategy. It is available to read here.