Audit Firm – Notification Requirements

Audit Regulations 2.11 and 2.12 set out certain changes in circumstances and related matters that a Registered Auditor (audit firm) must notify to the Institute as soon as practicable, but not later than ten business days, after the event. Audit firms should not wait until submission of the next firm annual return to advise of changes described in Audit Regulation 2.11 and 2.12. 

• Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland
• Audit Regulations and Guidance, UK

In addition to the regulatory requirement of Audit Regulation 2.11 and 2.12, legislation in Ireland and the UK requires auditors and audit firms to promptly notify of changes in circumstances.

• In Ireland, section 1487 of the Companies Act 2014 requires that an auditor or audit firm notify their Recognised Accountancy Body of any change in the information contained in the public register relating to them.  This includes the information required by Schedule 24 to Companies Act 2014 pertaining to approvals/registrations that an auditor or audit firm has to carry out the assurance of sustainability reporting. A contravention of section 1487, without reasonable excuse, is a category 4 offence.
• In the UK, the Financial Reporting Council (FRC) has made Regulations relating to the Public Audit Register via a legal instrument issued pursuant to section 1239 of the Companies Act 2006. These Regulations create a legal requirement for a statutory auditor to take all reasonable steps to notify their Recognised Supervisory Body of any information necessary to ensure that the information in the public audit register relating to that person is correct.

FAQs in relation to audit firm - notification requirements