Audit and Assurance Q&A

Welcome to the Institute’s Audit and Assurance Q&A. The purpose of this section of the Technical Hub is to answer some of the most common questions members and other stakeholders have in relation to audit and assurance engagements.

1. What auditing standards should I follow for a client based in the Republic of Ireland?
2. What auditing standards should I follow for a client based in Northern Ireland?
3. What ethical standards apply for my audits?
4. What do I need to do to provide a report on client monies to the Law Society for my solicitor client?
5. My client is applying for a grant, they want me to do a report as part of the application process. What guidance is available?
6. I have a new Credit Union Audit Client. Where is the current guidance for this work?
7. have a new regulated client in the financial sector and they have asked me to complete a reporting in accordance with the client asset regulations. Where can I find the CAI guidance on this?
8. My client has asked my firm to sign a form for him. The form says that I am certifying that his payroll costs are under €10k per month. Can I sign this?
9. I have a client with a UK subsidiary. What auditing standards do I need to follow and where can I find them?
10. My client has asked me to do some work and sign an application to renew their licence with the Property Services Regulatory Authority. Can I sign the forms? What work do I have to do?

1. What auditing standards should I follow for a client based in the Republic of Ireland

   The Irish Auditing & Accounting Supervisory Authority (IAASA) adopts auditing standards for use in Ireland under licence from the Financial Reporting Council in the United Kingdom.  The published documents can be downloaded from the IAASA website.

   Back to Top

2. What auditing standards should I follow for a client based in Northern Ireland?

   The Financial Reporting Council (FRC) develops and maintains auditing and assurance standards and guidance for engagements that are performed within the United Kingdom.  These can be downloaded from the FRC website.

   Back to Top

3. What ethical standards apply for my audits?

   Chartered Accountants involved in statutory audits are required to comply with Ethical Standards for Auditor

   • Ethical Standard for Auditors (Ireland)
   • Ethical Standard for Auditors (UK)
   Back to Top

4. What do I need to do to provide a report on client monies to the Law Society for my solicitor client?

    

   In the Republic of Ireland guidance for reporting accountants is in TR 01 2016 Solicitors' Accounts Regulations 2014. In Northern Ireland guidance is in M35 Solicitors' Accounts Regulations 1998.

   Back to Top

5. My client is applying for a grant, they want me to do a report as part of the application process. What guidance is available?

   M45 Grant Claims was issued in 20016 to assist member.  You may also find the guidance in TR 01 2021 Reporting to Third Parties useful if the client has been asked to complete specific forms.

   Back to Top

6. I have a new Credit Unions audit client. Where can I find guidance for this work?

   IASSA issued Guidance Note 02/2019 The Audit of credit Unions. this is available on their website.

   Back to Top

7. Is have a regulated client in the financial sector and they have asked me to complete a reporting in accordance with the client asset regulations. Where can I find guidance on this?

   The institute has issued documents which were prepared in consultations with a number of regulatory bodies to provide guidance for accountants and auditors when dealing with specific issues and regulatory reporting matters. These can be found on the Audit and Assurance section of the website. TR 07 2016 Guidance for Auditors Reporting in Accordance with Client Asset Regulations for Investment Firms was issued by the Institute jointly with the Central Bank of Ireland.

    

   Back to Top

8. My client has asked my firm to sign a form for him.  The form says that I am certifying that his payroll costs are under €10k per month.  Can I sign this?

   You should read and consider the guidance in TR 01/2021 Reporting to Third Parties. While you cannot certify such matters you may be able to carry out appropriate, agreed procedures and provide a suitable report to your client which meets their needs

   Back to Top

9. I have a client with a UK subsidiary.  What auditing standards do I need to follow and where can I find them?

   The Financial Reporting Council (FRC) develops and maintains auditing and assurance standards and guidance for engagements that are performed within the United Kingdom, these standards are based on standards that have been issued by the International Auditing and Assurance Standards Board. These can be downloaded from the FRC website.

   Back to Top

10. My client has asked me to do some work and sign an application to renew their licence with the Property Services Regulatory Authority (PSRA). Can I sign the forms? What work do I have to do?

    TR 03/2018 Licence Applications under the Property Services (Regulation) Act 2011 provides guidance on the relevant regulations, the work needed and the forms you and your client need to sign. You should note that the client is submitting the application and you are acting as agent.

    Back to Top