Technical roundup 23 October

Oct 21, 2020

Developments of interest this week are outlined.

ROI

  • IAASA has issued a Compendium of Illustrative Auditor’s Reports.
  • IAASA has published its ISA 701 Thematic Review. This thematic review explores how a sample of auditors of public-interest entities complied with the requirements of International Standard on Auditing (Ireland) 701, Communicating Key Audit Matters in the Independent Auditor’s Report (ISA 701).
  • IAASA has issued a Feedback Paper and revised ISA (Ireland) 315, Identifying & Assessing the Risks of Material Misstatement.
  • The Central Bank of Ireland has released its Quarterly Bulletin No. 4 for 2020.

UK

  • The Financial Reporting Lab of the UK Financial Reporting Council (FRC) has released guidance covering some critical areas of focus for 2020 year-ends.
  • The FRC has this week issued three sets of amendments to UK and Ireland accounting and reporting standards.  The amendments address some topical issues and maintain a necessary alignment with international standards.
  • The FRC has launched a consultation on the proposed revision of its UK auditing standard ISA (UK) 240 (Updated January 2020) - The Auditor's responsibilities Relating to Fraud in an Audit of Financial Statements.

European