In November 2020, the Irish Auditing and Accounting Supervisory Authority (IAASA) issued a revised ethical standard for auditors, Ethical Standard for Auditors (Ireland) 2020 (https://www.iaasa.ie/Publications/Auditing-standards). The revisions build on existing changes made to the standards in 2017 which implemented the requirements of the EU Audit Regulation and Directive.
The revised Ethical Standard 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.
The purpose of the Technical Release (TR 02/2021) Reporting Breaches of Ethical Standard for Auditors (Ireland) 2020 is to alert members to these new requirements and to provide an example of the report that may be submitted to the Recognised Accountancy Body and IAASA.
Please note the revised standard is effective from 15 July 2021.
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