CPA Ireland Welcomes Changes to the Proposals for Ethical Standards


Earlier this year, CPA Ireland responded to the IAASA consultation on the proposals to revise the Ethical Standard for Auditors. CPA Ireland is pleased to note that much of our feedback is reflected in the final standard. CPA Ireland welcomes the additional time period afforded in the final standard and also the recognition of the overly burdensome requirement for audit firms to report breaches of the standard bi-annually to their Professional Body, now reduced to an annual reporting requirement. CPA Ireland also welcomes the change to the initial proposal for auditors of all entities to report on the extent to which the audit was capable of detecting irregularities, including fraud, to now only apply to the auditors of listed entities.

IAASA have now issued revised versions of:

For more details and to read the standards which becomes effective for audits of financial statements for periods beginning on or after 15th July 2021, please click here.