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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. I 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?
  11. Do I need to report breaches of the ethical standard to my regulatory bodies, and do I need to tell my clients about breaches? 
  12. What are the most recently issued IASs in Ireland and when are they effective? Is there any guidance available on these?
  13. I have some worries about the going concern issues now as we face a new year end post pandemic. What matters should I be considering?
  14. What should I be considering when I look at the estimates included in my clients’ financial statements??
  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.

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  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.

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  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)
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  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.

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  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 2006 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.

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  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.

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  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.

     

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  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.

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  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.

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  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.

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  11. Do I need to report breaches of the ethical standard to my regulatory bodies, and do I need to tell my clients about breaches? 

    The Ethical Standard for Auditors (Ireland) 2020 includes a new requirement for audit firms to make reports of breaches of the Ethical Standard to the relevant competent authority and now explicitly prescribes reporting of breaches to those charged with governance.
    Guidance on how and when to make these reports is in the Technical Release issued in June 2021.  TR 02/2021 Reporting Breaches of Ethical Standard for Auditors (Ireland).

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  13. What are the most recently issued IASs in Ireland and when are they effective? Is there any guidance available on these?

    Revised ISAs(Ireland) were issued by IAASA in November 2020.  The revised standards are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted.

    The Institute have issued Technical Alert (TA 3/2021) to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification.

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  14. I have some worries about the going concern issues now as we face a new year end post pandemic. What matters should I be considering?

    Some relevant auditing standards are:  

    • ISA(Ireland) 570
    • ISA(UK) 570

    And Chartered Accountants Ireland issued a guidance document on ISA 570

    This article in Accountancy Ireland discusses ISA 570 Going Concern and the implications for auditors and their clients.

    In September 2021 the FRC published a Thematic Review: Viability and Going Concern. 

    This article from KPMG Ireland discusses some practical issues.

    In 2020 IAASA published a paper which gives insight into European and International audit regulators’ views on the quality of audit work around accounting estimates and discusses IAASA’s observations. The paper also sets out IAASA’s expectations of auditors in this area going forward.

     

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  15. What should I be considering when I look at the estimates in my client's financial statements?

    The objective of the auditor is to obtain sufficient appropriate audit evidence about whether accounting estimates and related disclosures in the financial statements are reasonable in the context of the financial reporting framework in use. ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures issued in December 2018 places more emphasis on the need for the auditor to exercise professional scepticism and challenge managements assumptions and estimation processes. IAASA has published a paper which explains the requirements of previous and incoming auditing standards that deal with accounting estimates (ISA 540). The paper gives insight into European and International audit regulators’ views on the quality of audit work around accounting estimates and discusses IAASA’s observations. The paper also sets out IAASA’s expectations of auditors in this area going forward. Chartered Accountants Ireland has published Technical Alert 02/2020 Information and support in implementing the revised ISA 540.  The IAASB has published a summary of the changes to ISA 540.

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These pages are provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.

 

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