Audit and Assurance

International Standards on Auditing

"In conducting an audit of financial statements, the overall objectives of the auditor are:

(a)To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and
(b) To report on the financial statements,
and communicate as required by the ISAs (Ireland), in accordance with the auditor’s findings.”
(ISA (Ireland)200 paragraph 11)
In order to meet this challenge auditor’s carry out audit engagements under a set of standards called International Standards on Auditing (ISA). These may be ISAs (Ireland) or ISAs (UK) depending on the location of the engagement.

Ethical Standards and Quality Control

Auditors are also required to comply with Ethical Standards and Quality Control Standards relevant to the engagement.

Other audit guidance

In addition to the International Standards on Auditing (ISAs) there are other sources of guidance and information for auditors in Ireland and the UK.

Chartered Accountants Ireland have also published a number of guidance documents which are particularly relevant to members when carrying out audits.

Non audit engagements

Where the work undertaken is not a statutory audit there are other sources of guidance for accountants.

Audit Regulations and Professional Standards

Chartered Accountants Ireland is responsible for the setting of standards of professional conduct with which members, member firms, students and affiliates must comply. The Professional Standards Department is responsible for the delivery of the Institute's regulatory and disciplinary obligations.

Regulations relating to Professional Standards including Audit Regulations can be accessed on this webpage

 

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