Technical Roundup 1 November Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the European Securities and Markets Authority, in its annual European Common Enforcement Priorities Statement for 2024, has highlighted its areas of enforcement focus in 2025.  The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021. Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foundation has published its 11th Compilation of Agenda Decisions by the IFRS Interpretations Committee. This covers decisions made in the period from May to October 2024. The IFRS Foundation has published its National Standard Setters October 2024 Newsletter. The International Accounting Standards Board (IASB) has issued its October 2024 Newsletter and podcast. The European Securities and Markets Authority (ESMA), in its annual European Common Enforcement Priorities (ECEP) Statement for 2024, has highlighted its areas of enforcement focus in 2025. This includes some areas of focus under the topics of financial statements, sustainability statements and ESEF reporting. The European Securities and Markets Authority (ESMA) has published a survey on legal entities identifiers, aiming to gather evidence on the impacts of including alternatives for reporting or record keeping requirements. The European Financial Reporting Advisory Group (EFRAG) is calling for technical experts in accounting and financial reporting to join its Financial Reporting Technical Expert Group which provides technical advice to the EFRAG Financial Reporting Board. The International Public Sector Accounting Standards Board has issued Exposure Draft (ED) 92, Tangible Natural Resources which is open for public comment until 28 February 2025. The UK Endorsement Board (UKEB) has published its two annual reports covering the year to 31 March 2024, including its report to the Secretary of State and its report to the FRC. UKEB has issued its Draft Comment letter on the IASB’s Exposure Draft — Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures. This letter is open for public comment until 20 November 2024. UKEB has also published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11. Accountancy Europe has issued its October 2024 Newsletter. The IASB has released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Vice-Chair Linda Mezon-Hutter and IASB Member Bruce Mackenzie discussing the deliberations held during the October 2024 IASB meeting. Sustainability On 6th November, Chartered Accountants Ireland will host a free, 1 hour webinar on the CSRD. This will be the final webinar in our three-part series covering the CSRD. In this webinar, Derarca Dennis, Partner, EY and Chartered Accountants Ireland's Deirdre Moran will review some of the practical challenges that companies have faced in preparing to comply with the CSRD, matters to consider when developing and implementing a sustainability strategy, and the role of the Board. The Executive Committee of the World Economic Forum (WEF) and the International Business Council (IBC) have published a statement in which they welcome the progress towards establishing a global baseline of consistent and comparable sustainability information based on the ISSB standards. The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB. In its recently published article on Medium, the Global Reporting Initiative (GRI) discuss why, as greenwashing scrutiny intensifies, legal teams must safeguard ESG integrity across all claims Accountancy Europe has issued its October 2024 Sustainability update. Economic Crime and anti-money laundering The Advisory Council against Economic Crime and Corruption was established by Government in 2022. The Irish Dept of Justice launched a consultation in October 2024 on developing a strategy for the Advisory Council to combat Economic Crime and Corruption. They are seeking the public’s views on what should be addressed in the strategy to combat economic crime and corruption. In October 2024 and to mark Anti-Slavery Week 2024, the National Crime Agency in the UK announced a Private Public Partnership to tackle sexual exploitation. The NCA announced that 31 financial institutions, law enforcement agencies and government departments have joined forces to tackle sexual exploitation. Click here to read more. Click to read the latest SARs in action from the UKFIU. It includes a feature on the Egmont Group of FIUs which works to enhance member capabilities and to improve secure information sharing, training, and best practice internationally. The magazine also provides information on The Joint Money Laundering Intelligence Taskforce where the Public Private Cryptoasset Forum has been developed as a new threat group within JMLIT+, with the intention of building links with the UK registered and regulated Cryptoasset industry, identifying opportunities for partnership and bringing members of the industry further into partnership work. The Institute’s Professional Standards Dept. has published its AML Supervision Report 2023/2024 which summarises AML supervisory activities in both jurisdictions, ROI and UK for the period April 2023 – April 2024. Please see the report for case studies on AML including deficiencies identified and how they were rectified. The report identifies emerging risks including crypto currency, the increasing prevalence of artificial intelligence and the continued potential for post-Covid fraud. Issues arising from the Ukraine crisis also remain in focus. The report examines what compliant means and most common findings on monitoring visits and desk-based reviews. Other Richard Moriarty reflects on his first year leading the FRC in an 'In Conversation' podcast episode, hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs. Accountancy Europe is promoting the topic of the attractiveness of the accountancy profession through online campaigns, events and blog articles. A recent online story is regarding the work done by the Norwegian Institute of Public Accountants (NIPA) to improve the image of auditors and attract new talent. The Corporate Enforcement Authority held its second annual conference on Thu 17 October. Representatives from our technical team attended and please click to read a summary of the discussions at the conference some of which might be of interest to our readers. Click here to go to the CEA pages where you can find copies of slides and speeches made available after the event. Readers may be interested in the October 2024 UK judgment in the case of  Standard Chartered Plc and others. Upon the cessation of publication of LIBOR, the issue in the case was whether a replacement rate to LIBOR should be implied in a legacy contract. The court implied a term into the contract for a replacement rate and held that an implied term that shares should be redeemed and the contract unwound was untenable. Click to read an interview on the European Commission website with Mairead McGuinness European Commissioner for Financial Stability, Financial Services and the Capital Markets Union on her mandate, where she thinks most progress was made, and how she sees the future of finance. The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021. Charity Trustees’ Week takes place on 11 to 15 November this year to thank trustees across Ireland for their important work in the area of governance and leadership of charities. It is organised in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, The Wheel, and Volunteer Ireland.  Click here for further details. Jonathan Reynolds, the UK Secretary of State for Business and Trade, issued a statement on 14 October to announce the publication of a green paper  which outlines plans to deliver Invest 2035: The UK’s Modern Industrial Strategy. He also announced proposed changes to company law. Click for the announcement which proposes changes by year end to reporting requirements and uplift the monetary size thresholds for micro-entities, small and medium-sized companies, as well as making technical fixes to the UK’s audit framework. The Department of Enterprise, Trade and Employment will be hosting a free online event focused on responsible business and the environment at 11am on Wednesday, 6 November 2024. Click for IDA insights article on “What makes Ireland an extraordinary partner for leading global companies” In news on the Funds sector, the Minister for Finance this month published the Report of the Funds Sector 2030 (Review). The review examined Ireland’s funds sector framework to ensure it is up-to-date, taking account of the significant developments in recent years, to support the long term growth in the sector in Ireland. It concluded that Ireland is well placed to grow in the funds and asset management sector. The review also developed a set of recommendations to address the most material issues and to put in place measures that will help navigate the further changes that are coming in a controlled way. Also in Funds news, click to read remarks by Central Bank of Ireland Deputy Governor Derville Rowland “Past, present and future of Exchange Traded Funds’ at an event in October 2024 on Unlocking the Potential for Europe and Ireland. The FCA has published the results of a survey to better understand how firms record and manage allegations of non-financial misconduct. The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023. In the UK, Companies House has outlined its transition plan for Companies House in relation to the Economic Crime and Corporate Transparency Act 2023 (the Act). The Act will reform the role of Companies House and improve transparency over UK companies and other legal entities. There were certain changes implemented in March 2024 with the next wave of anticipated in winter 2024 and into 2025 as follows: Companies House should be able to: expedite the striking off of companies where the registrar has concluded the company has been formed for a false basis. annotate the register in a wider range of circumstances, such as when a company has a director who has been disqualified but has yet to terminate their appointment on the register, or where Companies House has issued a statutory notice to require more information from a person, but the matter remains unresolved. The transition plan is available here along with our information booklet on the changes already implemented available here.   This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, IAASA has issued its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year-end dates. The European Securities and Markets Authority has published Clearing the smog: Accounting for Carbon Allowances in Financial Statements which aims at improving financial reporting for issuers engaging in carbon allowance programmes. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has released its September 2024 Update. This report summarises the public technical discussions held and decisions taken by EFRAG in September. EFRAG is seeking feedback on its assessment of the Annual Improvements to IFRS Accounting Standards-Volume 11. This assessment is based on the EU's technical endorsement criteria and their alignment with the European public good. The Deadline for comments is 22 November 2024. EFRAG has submitted its Endorsement Advice on Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) to the European Commission. In its submission, EFRAG has assessed that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends endorsement of the Amendments. EFRAG has published its Feedback Statement on the International Accounting Standards Board’s (IASB) Exposure Draft ED/2024/1 Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36) The FRC are hosting an upcoming webinar on the key changes in the revised UK Corporate Governance Code ahead of its first reporting cycle (beginning 1 January 2025). The event takes place on 24 October 2024. The Q3 2024 IFRS Interpretations Committee podcast is now available. This podcast focusses on guarantees issued on obligations from other entities and recognition of revenue from tuition fees in accordance with IFRS 15 Revenue from contracts with customers. The IASB is consulting on proposed amendments aimed at helping companies to account for their investments in associates and joint ventures.  A webcast series has been launched to take a detailed look into these proposed amendments. The Financial Reporting Council (FRC) has published revised Technical Actuarial Guidance: Models, to support the growing use of Artificial Intelligence and Machine Learning (AI/ML) techniques in actuarial work. Assurance and Auditing IAASA has published its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year end dates. The FRC have announced that all four big firms in the UK have met the 2024 deadline set by the FRC to implement the principles of operational separation. Sustainability The European Securities and Markets Authority (ESMA) has published 'Clearing the smog: Accounting for Carbon Allowances in Financial Statements' which aims at improving financial reporting for issuers engaging in carbon allowance programmes. ESMA has also recently issued the 2024 EU Carbon Markets report.  The fourth episode of the IFRS Sustainability webinar series, ‘Perspectives on Sustainability Disclosure’, took place on 17 October 2024 with a focus on the Pan-African approach to sustainability disclosure. The Financial Reporting Council has published initial feedback on its market study into assurance of sustainability reporting. Amongst other findings, the study found that “while currently most UK companies reported having sufficient choice of provider of assurance, some raised concerns that the market may begin to consolidate around the largest UK audit firms”. Other The annual reporting deadline for NI charities is coming up at the end of the month.  The Charity Commission for Northern Ireland is encouraging anyone with a query around reporting to get in touch. The Minister for Enterprise, Trade and Employment is seeking nominees as representatives of expert, technical, legal, government and regulatory bodies. Also sought are expressions of interest from suitably qualified candidates for appointment to one of the six Ministerial nominations to the Employment Law Review Group (ELRG).  Mark Koziel, CPA, CGMA has been named to succeed Barry Melancon in January 2025 as Chief Executive Officer of the AICPA & CIMA.   This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

The Financial Reporting Council (FRC) has announced  that the four largest audit firms (Deloitte, EY, KPMG, PwC), have concluded the transition period of operational separation. Throughout the three-year transitional period, all four firms have made significant improvements to their governance to prioritise the delivery of audit quality. This includes the creation of independent audit boards chaired by Audit Non-Executives, improved transparency on financial transactions between the audit and non-audit business, and greater accountability at firm level for the delivery of operational separation outcomes. The firms have also developed audit specific cultures, with behaviours focussed on challenge, openness and professional scepticism. All four firms have met the 2024 deadline set by the FRC to implement the principles of operational separation. As set out in the Operational Separation Principles, the FRC will publish an assessment of the firms’ compliance each year, following the transition period.

IAASA has published its annual Observations paper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year end dates. The Observations paper addresses financial reporting matters and, for the first time, sustainability reporting matters. The Corporate Sustainability Reporting Directive (CSRD) is in force for certain larger entities for the first time in 2024. IAASA has responsibility for examining issuers’ sustainability statements in much the same manner as it already has responsibility for examining issuer’s periodic financial reports. The paper sets out the approach IAASA will take in conducting sustainability statement examinations in 2025. Read the full paper here.

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the Minister for Finance has signed a statutory instrument commencing further provisions of the Credit Union (Amendment) Act 2023 (2023 Act) on 30 September 2024.  The Financial Reporting Council has released the 22nd edition of its Key Facts and Trends report, offering a comprehensive overview of the UK accountancy and audit landscape.  Just as this newsletter has been published, we have received confirmation that the Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has issued its September 2024 update and podcast. The IASB has issued a Debrief of their 2024 World Standard-setters Conference, which was held in London on 23-24 September. More than 130 delegates from 70 countries were represented at this event. The European Financial Reporting Advisory Group (EFRAG) has published an Exposure Draft Due Process Procedures for the EFRAG Financial Reporting Activities. This aims to formalise the existing due process applied for its financial reporting activities. EFRAG is calling for technical experts in accounting and financial reporting to join its Financial Reporting Technical Expert Group (EFRAG FR TEG). EFRAG has issued a draft comment letter on the IASB’s Exposure Draft on Climate Related and Other Uncertainties in the Financial Statements. Comments are welcomed by 15 November 2024. EFRAG has also issued a draft comment letter on the IASB’s Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability. Comments are welcomed by 13 November 2024. The UK Endorsement Board has also issued draft comment letters to the above mentioned exposure drafts, with comments welcomed by 11th November for both. The IASB have released a webcast on its Climate-related and Other Uncertainties in the Financial Statements Exposure Draft. The webcast covers the project's background, key research findings and an overview of the illustrative examples that the IASB developed in response to strong demand from stakeholders, particularly investors. The UK Endorsement Board has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the IASB’s Amendments to the Classification and Measurement of Financial Instruments. Comments are welcomed by 10 January 2025. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting setting out the findings of its monitoring of UK companies’ annual report and accounts alongside its expectations for the upcoming reporting season. The FRC has released the 22nd edition of its Key Facts and Trends report, offering a comprehensive overview of the UK accountancy and audit landscape. The FRC are running an online survey to obtain preparers’ views on FRS 101 Reduced Disclosure Framework. The aim of this research is to gather feedback from groups of companies that include entities eligible to apply FRS 101 in preparing their financial statements (whether or not they choose to do so). The survey should take approximately 15 minutes to complete and will provide a valuable contribution to the ongoing development of the standard. The survey will remain open until 31 October. The European Securities & Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its 2025 Annual Work Programme (AWP). Accountancy Europe has published its September 2024 Newsletter The September 2024 IFRS for SMEs Accounting Standard Update has been published which discusses news, events and other information about the standard. The IASB has announced that it has concluded its Post-implementation review of IFRS 15 Revenue from Contracts with Customers, finding that the Standard is working as intended and providing investors with useful information. The IASB noted that it has identified a few application issues to consider in its next agenda consultation, which it plans to start in late 2025. The Financial Reporting Council has published version 2.0 of Technical Actuarial Standard 200 (TAS 200). Assurance and Auditing ISAE (Ireland) 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland. IAASA has adopted ISAE (Ireland) 3000 be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD). ISAE (Ireland) 3000 applies to assurance reports issued on or after 15 December 2024. Limited amendments have been made to the international standard to ensure that it applies to sustainability assurance in engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements. This new standard requires auditors to comply with ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements therefore IAASA has updated ISQM (Ireland) 1 to reflect the requirements of the CSRD as transposed in Ireland. Additional minor amendments were made to ISQM (Ireland) 1 to make conforming amendments for ISA (Ireland) 600, which was revised in February 2023 and is effective for financial periods starting on or after 15 December 2023. IAASA has updated the auditing standards to reflect the conforming amendments required due to the revision of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors) in February 2023. The revised standard is effective for financial periods beginning on or after 15 December 2023. The International Auditing and Assurance Standards Board (IAASB) has announced the adoption of a new Technology Position. This will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. The Position is structured around three key components: Technology Position Statement - IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. Operationalizing the Technology Position - IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. Monitoring and Adapting to Technological Trends - IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape. The International Auditing and Assurance Standards Board (IAASB) has released a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.  ISA for LCE is not currently adopted in Ireland and the UK. Sustainability The Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Following the signing into law of S.I No 336 European Union (Corporate Sustainability Reporting) Regulations 2024 in July 2024, many organisations, including the Institute, have engaged with the Department of Enterprise, Trade and Employment regarding the wording of the legislation, which many felt contained significant application challenges. While this legislation is not available at the time of publication of this newsletter, we hope that the new legislation will address these challenges which will hopefully provide clarity for companies as they begin their journey of reporting under the Corporate Sustainability Reporting Directive. We will keep members up to date when the legislation is published. Accountancy Europe has issued its September 2024 Sustainability Update. The update includes details of Accountancy Europe’s new factsheet on the Corporate Sustainability Due Diligence Directive (CSDDD). Sue Lloyd, Vice-Chair of the International Sustainability Standards Board, spoke at the World Standard-setters Conference in London on 23 September 2024.  The International Sustainability Standards Board (ISSB) has issued its September 2024 Update and podcast, summarising their September 2024 meeting. The IFRS Foundation has published a guide entitled Voluntarily applying ISSB Standards — A guide for preparers. The guide aims to support companies as they start to apply ISSB Standards voluntarily as well as helping them communicate their progress to investors. The Global Reporting Initiative (GRI), along with the World Benchmarking Alliance, has published How to strengthen corporate accountability: The case for unlocking sustainable corporate performance through mandatory corporate reporting. The publication explores the link between the use of the GRI Standards and companies' social performance, as measured by WBA's Core Social Indicators. Other The Minister for Finance has signed a statutory instrument commencing further provisions of the Credit Union (Amendment) Act 2023 (2023 Act) on 30 September 2024. The provisions have now been fully commenced whereby a credit union can agree to participate in a loan to a member of another credit union, referral of members of one credit union to another credit union (where the rules permit) and the obligations which heretofore were annual, to approve, review, and update plans policies and procedures are now to be carried out every three years. Also, environmental social and governance policy is now included as a policy for the board to approve, review and update at least every 3 years. Some provisions remain to be enacted such as the provisions regarding corporate credit unions introduced in the 2023 Act. Readers are reminded that there is a resource page on credit unions on the Institute’s Technical Hub where you will find further information on these new provisions and other useful information on credit unions including auditing and Central Bank information. Accountancy Europe has published its September 2024 SME Update. The Decision Support Service (DSS) is seeking suitable candidates to join the decision support service panel of decision-making representatives. The DSS proposes to expand the Panel due to increasing requests from the Circuit Court and the Wardship Court for nominations. The closing date for applications is 14 October at 12pm and more information is available here - https://www.dsspanelrecruitment.com/. Euronext Dublin has published the Irish Corporate Governance Code. An important step in the development of corporate governance in Ireland, the new Code applies to financial years commencing on or after 1 January 2025 for Irish incorporated companies with an equity listing on Euronext Dublin (Irish Stock Exchange). Companies dual-listed in Ireland and the UK have the option to follow the Irish Code or the UK Corporate Governance Code. The Irish Pensions Authority has published a consultation on a draft revised code of conduct for personal retirement savings account providers. The revised code raises the standard of conduct required of PRSA providers when facilitating unregulated investments. The revised code also aims to better inform PRSA contributors about the risks of unregulated investments. The closing date for submissions to the consultation process is 1 November 2024.  In other pensions news the Irish Pensions Authority has issued its annual report and accounts 2023. Click also to read the Pensions Regulator’s annual report 2023 statement. With draft legislation published in July 2024 to adopt a significantly increased cybersecurity preparedness and incident reporting regime in the Heads of Bill of the National Cyber Security Bill, readers may be interested to read more about grant assistance funded by the EU and announced by Enterprise Ireland to assist businesses with cyber security. The Cyber Security Review Grant will assist SMEs to take steps to review and update their online security measures to mitigate against the risk of cyber-attacks.  Click also to read an article by the IDA on what makes Ireland a hotbed for cybersecurity talent.  Click for a fact sheet from the European Data Protection Supervisor called Don't open the floodgates to your personal information The 17th of October is National Women’s Enterprise Day. Click here to read more about the initiative of the Local Enterprise Offices. There are 14 events lined up across the country that will see some of Ireland’s best female entrepreneurs and businesswomen share their stories of challenges and success. You can also click here for more information and registration.   This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

IAASA has updated the auditing standards to reflect the conforming amendments required due to the revision of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors) in February 2023. The revised standard is effective for financial periods beginning on or after 15 December 2023. The standards that have been updated to reflect the conforming amendments are: ISA (Ireland) 220, Quality Management for an Audit of Financial Statements ISA (Ireland) 230, Audit Documentation ISA (Ireland) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (Ireland) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements ISA (Ireland) 260, Communication with Those Charged with Governance ISA (Ireland) 300, Planning an Audit of Financial Statements ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement ISA (Ireland) 320, Materiality in Planning and Performing an Audit ISA (Ireland) 402, Audit Considerations Relating to an Entity Using a Service Organization ISA (Ireland) 501, Audit Evidence - Specific Considerations for Selected Items ISA (Ireland) 510, Initial Audit Engagements—Opening Balances ISA (Ireland) 550, Related Parties ISA (Ireland) 610, Using the Work of Internal Auditors ISA (Ireland) 700, Forming an Opinion and Reporting on Financial Statements ISA (Ireland) 701, Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 705, Modifications to the Opinion in the Independent Auditor’s Report ISA (Ireland) 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report ISA (Ireland) 710, Comparative Information— Corresponding Figures and Comparative Financial Statements ISA (Ireland) 720, The Auditor’s Responsibilities Relating to Other Information ISA (Ireland) 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISQM (Ireland) 2, Engagement Quality Reviews In addition, ISQM (Ireland) 1 was updated in September to reflect both the conforming amendments arising from ISA (Ireland) 600 and the requirements of the Corporate Sustainability Directive. The updated standards are available on IAASA’s website.