CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are reminded of their requirements to maintain their competence in audit through CPD. This is a requirement of the Companies Act 2014 and Audit hours completed for a cycle will be reviewed as part of your Quality Assurance Review.
AASA have recently issued a publication “Guidelines for the RABs on the regulation, monitoring and enforcement of continuing education for statutory auditors” which will become effective from 1st January 2022. CPA Ireland is currently reviewing these guidelines and will keep members updated on the impact on CPD for auditors.
If you hold a statutory audit certificate from CPA Ireland you must maintain your Audit CPD.
S.1489 of the Companies Act 2014 requires that a statutory auditor take part in appropriate programmes of continuing education in order to maintain his or her theoretical knowledge, professional skills and values, including, in particular, in relation to auditing, at a sufficiently high level.
International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised), sets out the competencies that an auditor is expected to have. The learning outcomes that competence must be demonstrated against are set out in detail in Table A of IES 8, which includes a wide range of areas of competence.
Statutory auditors are advised to consider such requirements when planning their CPD.
Compliance with such requirements are considered during the quality assurance process and during the initial grant and renewal of statutory auditor status.