Chartered Accountants Ireland (the Institute) has published Audit Regulations and Guidance for Ireland with effect from 6 April 2022 (the Audit Regulations Ireland). The Audit Regulations Ireland replace the Audit Regulations and Guidance (effective 1 January 2020) and the addendum effective 22 December 2021.
What’s new for audit firms and RIs auditing Irish entities?
Audit firms and responsible individuals (RIs) in Ireland can expect the following key changes in the Audit Regulations Ireland:
- Easier to read Audit Regulations tailored for a single jurisdiction (Ireland)
- Additional detail regarding RI CPD obligations in line with the IAASA CPD Guidelines (effective 1 Jan 2022)
- New requirement for practice continuity (alternate) arrangements for sole practice audit firms
- Changes reflecting the change in status of ICAEW and ICAS (both ceased to be Recognised Accountancy Bodies in Ireland during 2021)
- Introduction of discretion for the Institute to recover costs suffered following an IAASA investigation regarding an audit firm
- Miscellaneous changes to improve clarity and completeness
Audit firms and RIs registered for audit by the Institute in both the UK and Ireland must comply with the Audit Regulations Ireland and the
Audit Regulations UK (effective 1 Jan 2021). An information document comparing the Audit Regulations Ireland and the Audit Regulations UK is available on
the Institute’s website here.
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