Notices have issued to individuals and firms that are approved by CPA Ireland as statutory auditors and statutory audit firms. The purpose of the notices are to advise individuals and firms of any actions that are required by the firms to ensure that their statutory audit status continues post the amalgamation date of 1st September 2024.
We would ask that members, affiliated partners and Responsible Individuals and firms review these notices, which have issued by e-mail and by post.
Approval
As a Recognised Accountancy Body (RAB), CPA Ireland has approved firms and individuals for statutory audit purposes under the Companies Act 2014 (the Act). Following the Amalgamation, CPA Ireland’s authorisation as a RAB will be revoked and all audit approvals granted by the CPA Ireland will cease to have effect.
The
regulations of Chartered Accountants Ireland have been amended to provide that Chartered Accountants Ireland may approve a CPA Statutory Audit Firm as a Registered Auditor in accordance with Chartered Accountants Ireland Audit Regulations, Ireland, with effect from the Amalgamation Time.
Chartered Accountants Ireland will approve each CPA Statutory Auditor as a Responsible Individual and each statutory audit firm as a Registered Auditor in accordance with Chartered Accountants Ireland Audit Regulations, Ireland, with effect from the Amalgamation Time,
provided that the firm has taken the necessary steps as outlined in the correspondence issued to each audit firm and individual auditor.CPA members, once they become members of Chartered Accountants Ireland, and Affiliated Partners, if they become Affiliates of Chartered Accountants Ireland, and firms once they become authorised by Chartered Accountants Ireland will be subject to Chartered Accountants Ireland’s Charter, bye-laws and regulations. Copies of such Charter, bye-laws and regulations (including the Audit Regulations and Guidance for Ireland) can be found on Chartered Accountants Ireland’s website at
www.charteredaccountants.ie.Post the amalgamation date, Registered Auditors and Responsible Individuals, must continue to conduct their statutory audit work in accordance with the Companies Act 2014 and the standards adopted by the Irish Auditing and Accounting Supervisory Authority (IAASA). The auditing, quality and ethical standards adopted by IAASA are:
- the International Standards on Auditing (‘ISAs’) (Ireland);
- the International Standards on Quality Management (Ireland); and
- the Ethical Standard for Auditors (Ireland), which sets out the ethical obligations of registered auditors and their personnel with respect to auditor independence and objectivity.
Registered Auditors and Responsible Individuals should familiarise themselves with Chartered Accountants Ireland’s Audit Regulations and Guidance and the Code of Ethics details of which can be found
here.
An audit report in respect of the audit of Irish entities must continue to:
- state the name of the firm as it appears in the register;
- if required by law, state the name of the responsible individual who was in charge of the audit, be signed by this person in his own name and include the words ‘for and on behalf of’ before the name of the audit firm.
Section 337 of the Act requires the responsible individual in charge of the audit to sign the audit report, in his own name, for and on behalf of the audit firm.
Quality Assurance
Quality Assurance reviews scheduled for 2024 will be conducted in accordance with CPA Ireland’s
Bye Law 7.
Quality Assurance reviews scheduled for 2025 will be conducted in accordance with the rules and regulations of Chartered Accountants Ireland.
Notices issuing to firms regarding upcoming quality assurance reviews will advise accordingly.
Guidance on quality assurance reviews conducted in accordance with CPA Bye Law 7 can be found
here.
Quality assurance support and guidance for reviews conducted in accordance with the rules and regulations of Chartered Accountants Ireland can be found
here.
Chartered Accountants Ireland do not issue Registered Auditors with auditing certificates. CPA Ireland issued auditing certificates to CPA Ireland approved statutory audit firms dated to 31 March 2025.
For the immediate future it is anticipated that CPA statutory auditors will retain their current Auditors Registration Number (ARN) going forward. CPA Ireland and Chartered Accountants Ireland continue to engage with the CRO in this regard to ensure that the filing of audited financial statements with CRO continues without disruption.
Please visit the
Frequently Asked Questions for further details