The Institute has issued revised Audit Regulations, UK (effective 5 December 2022), replacing the 1 January 2021 edition of those Regulations.  The revisions to the Audit Regulations, UK primarily reflect the new registration arrangements with the FRC for firms that audit UK public interest entities (PIEs) and which also take effect on 5 December 2022. The FRC consulted in these processes earlier this year and issued their final Regulations and Guidance in July 2022. The link for this can be found on the FRC website. The Institute’s Professional Standards Department is writing directly to the audit compliance principal at each Institute audit firm with UK audit registration with more detail regarding the changes to Audit Regulations, UK. Institute firms with audit registration in both the UK and Ireland comply with both the Audit Regulations, UK and the Audit Regulations, Ireland.   The guidance document comparing the Audit Regulations in the two jurisdictions, is available on the Institute’s website, and has been updated to reflect the revised Audit Regulations, UK. Further changes are expected to be made to the Audit Regulations, UK in 2023 which are likely to reduce the differences between the Audit Regulations Ireland and Audit Regulations UK.

Chartered Accountants Ireland has, in accordance with its Bye-Laws and under various statutes in Ireland and the UK, specific supervisory and regulatory obligations in respect of its membership.  The Professional Standards Department is responsible for the exercise of its regulatory functions through a regime that includes regulatory and disciplinary committees and bodies comprising both accountants and non-accountants. The Professional Standards Department is seeking to recruit persons for appointment to the Conduct Committee, the Disciplinary Panel and the Appeal Panel.  At present, we are particularly interested in hearing from accountants who may be interested in such roles.  Further information about the Conduct Committee, the Disciplinary Panel and the Appeal Panel as well as the appointment process can be found in the relevant sections of the information pack for applicants.  If you would like to request an application form please email committeerecruitment@charteredaccountants.ie

Professional Standards has published the UK AML Supervision Report 2021/2022 in accordance with Reg 46A of the Money Laundering Regulations 2017 (as amended).