From 21 July 2021 the Institute of Chartered Accountants in England and Wales (‘ICAEW’) is no longer a recognised accountancy body (RAB) in Ireland. As notified to Institute members and firms in recent news items and in direct communication to audit compliance principals, the revocation of ICAEW’s RAB status will have implications for Institute registered audit firms who include ICAEW members amongst the firm’s responsible individuals (RIs) or amongst the qualified majority of owners and management board members of the audit firm. Firms have been advised of the appropriate actions to take in this regard.
It has been necessary to amend the Institute’s Audit Regulations and Guidance (effective 1 January 2020) (‘the Audit Regulations – Ireland’) to reflect the fact that ICAEW ceased to be a RAB on 21 July 2021. This amendment has been made by way an addendum to the Audit Regulations – Ireland (‘The Addendum). The Addendum is effective from 21 July 2021 and is to be read in conjunction with the Audit Regulations - Ireland.
The Addendum sets out changes to the Audit Regulations – Ireland which are required to reflect the change in ICAEW’s status on 21 July 2021 and to ensure that the Audit Regulations – Ireland continue to be fit for purpose after that date. The Addendum includes amendment to the definitions of ‘Institute’, ‘appropriate qualification’, ‘audit affiliate’ and ‘practising certificate’ and clarifies a reference in guidance to the eligibility of reciprocal members for audit registration.
Until 21 July 2021 the Audit Regulations – Ireland, have been issued jointly by the Institute, ICAEW and the Institute of Chartered Accountants of Scotland. From 21 July 2021 ICAEW ceased to apply the Audit Regulations – Ireland.
From 1 January 2021 the Audit Regulations – Ireland only apply to Ireland and separate draft Audit Regulations and Guidance for the UK were issued on that date to reflect the change in relationship between the UK and EU as a consequence of Brexit. A full update of the Audit Regulations – Ireland is planned in due course.
The Addendum and the Audit Regulations - Ireland, which are to be read together, are available on the Institute’s website.
LOADING...