• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Access support/reasonable accommodation
        Extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Committee reports & sample papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector news
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Technical Hub

☰
  • Home
  • Audit and assurance
  • Financial reporting
  • Insolvency
  • Anti-money laundering
  • Other resources
  • Legislation
  • Institute technical content
  • Home/
  • Knowledge centre/
  • Technical Hub/
  • Audit and assurance/
  • Audit and Assurance news
☰
  • Audit and assurance
  • Auditing standards
    • Other audit guidance
    • Ethics
    • Audit guidance
    • Audit of less complex entities
    • Quality management
      • Quality management key requirements
  • Other engagements
    • Non audit engagements
    • IAASB Assurance
    • Regulatory reporting
    • Other guidance
    • Audit exemption
  • Audit and assurance FAQs
  • Audit and Assurance news

Audit and Assurance news

Audit
(?)

IAASB Consultation on Evidence

The International Auditing and Assurance Standards Board (IAASB) has opened the public consultation for proposed changes to one of its fundamental standards, International Standard on Auditing (ISA) 500, Audit Evidence. The current ISA 500 addresses an auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate evidence to draw reasonable conclusions on which to base the auditor’s opinion. The proposed changes: Clarify ISA 500’s purpose and scope and explain its relationship with other standards; Provide a principles-based approach to considering and making judgments about information intended to be used as audit evidence and evaluating whether sufficient appropriate audit evidence has been obtained; Modernize ISA 500 to be adaptable to the current business and audit environment, while considering scalability for different circumstances, including the entity and the auditor’s use of technology, such as automated tools and techniques; and Emphasize the role of professional skepticism when making judgments about information intended to be used as audit evidence and evaluating the audit evidence obtained. Proposed International Standard on Auditing 500 (Revised), Audit Evidence, provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit. “The audit and the environment in which an auditor conducts the audit and evaluates audit evidence has evolved significantly in recent years,” commented IAASB Chair Tom Seidenstein. “For example, the changing nature and sources of information used by the auditor and the increasing role played by technology demanded a re-examination of the audit standard. These proposed changes will ensure that the standard keeps pace, while retaining a principles-based approach to standard setting.” The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB website. Comments are requested by April 24, 2023.

Oct 28, 2022
READ MORE
Audit
(?)

Updates to the International Standards on Auditing (Ireland)

ISA (Ireland) 315 (Revised October 2020), Identifying and Assessing the Risks of Material Misstatement, is effective for audits of financial statements beginning on or after 15 December 2021. The standards that have been updated to reflect the conforming amendments, including the corrections in the 2020 edition of the International Auditing and Assurance Standards Board’s Handbook, are: ISA (Ireland) 200 (Updated December 2018), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (Ireland) ISA (Ireland) 210 (Revised November 2020), Agreeing the Terms of Audit Engagements ISA (Ireland) 230 (Updated December 2018), Audit Documentation ISA (Ireland) 240 (Revised October 2021), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (Ireland) 250 Section A (Revised July 2017), Consideration of Laws and Regulations in an Audit of Financial Statements ISA (Ireland) 260 (Revised November 2020), Communication with Those Charged with Governance ISA (Ireland) 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management ISA (Ireland) 300, Planning an Audit of Financial Statements ISA (Ireland) 315 (Updated October 2020), Identifying and Assessing the Risks of Material Misstatement ISA (Ireland) 330 (Revised August 2018), The Auditor's Responses to Assessed Risks ISA (Ireland) 402, Audit Considerations Relating to an Entity Using a Service Organisation ISA (Ireland) 500 (Updated December 2018), Audit Evidence ISA (Ireland) 501, Audit Evidence—Specific Considerations for Selected Items ISA (Ireland) 530, Audit Sampling ISA (Ireland) 540 (Revised December 2018), Auditing Accounting Estimates and Related Disclosures ISA (Ireland) 550, Related Parties ISA (Ireland) 600 (Revised November 2020), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) ISA (Ireland) 610, Using the Work of Internal Auditors ISA (Ireland) 620 (Revised November 2020), Using the Work of an Auditor's Expert ISA (Ireland) 701 (Revised November 2020), Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 720 (Revised November 2020), The Auditor’s Responsibilities Relating to Other Information The updated standards are available here.

Oct 28, 2022
READ MORE
Audit
(?)

Consultation paper on International Standard on Auditing (Ireland) 600

IAASA has published a Consultation paper on its proposal to revise International Standard on Auditing (ISA) (Ireland) 600: Special Considerations; Audits of Group Financial Statements (including the Work of Component Auditors) and make related conforming amendments to other standards. The proposed effective date of the revised standard is for audits of group financial statements for periods beginning on or after 15 December 2023, with early adoption permitted. The purpose of this consultation paper is to obtain the views of stakeholders with regard to IAASA’s proposals to revise ISA (Ireland) 600. The consultation paper is available here. The proposed revised standard can be found here. The proposed conforming amendments can be found here. Stakeholders and interested parties are invited to provide responses to submissions@iaasa.ie by 5pm on Friday 9 December 2022.

Oct 28, 2022
READ MORE
Audit
(?)

FRC publishes latest local audit inspection results

The Financial Reporting Council (FRC) has today published its inspection findings into the quality of major local body audits in England, which includes large health and local government bodies. https://frc.org.uk/news/october-2022/frc-publishes-latest-local-audit-inspection-result

Oct 28, 2022
READ MORE
Audit
(?)

Quality Management videos and factsheets from IAASA

IAASA over recent weeks has published a series of videos designed to provide information on the new suite of Quality Management Standards in Ireland. The full series is available here. To accompany the video series, IAASA has published a factsheet for each Quality Management Standard available here. The new standards apply to periods from 15 December 2022. Firms must design and implement a system of quality management by that date and evaluate it for the first time by 15 December 2023. See our QM resource pages for links to the standards and further guidance.

Oct 21, 2022
READ MORE
Audit
(?)

Revisions to ISA (UK) 600

Revisions to ISA (UK) 600 The FRC has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). The revisions build upon the recently revised international version of the standard, with an enhanced focus on the risk of material misstatement at the financial statement level and the need for robust communication between group and component auditors https://frc.org.uk/news/september-2022/revisions-to-isa-(uk)-600

Sep 26, 2022
READ MORE
12345678910...

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.

 

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.