The Financial Reporting Council (‘FRC’) in the United Kingdom issued a major revision to the UK’s Ethical Standard and revised its Auditing Standards, which may be accessed here.
The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA advise that their policy is to have minimal amendments to the UK framework. Amendments will be considered where there is a conflict with Irish or EU law or where there are clear, distinct differences between the Irish and UK markets, which impact upon the applicability of standards.
In this context, IAASA have advised that they will review the changes made by the FRC and, in due course, issue a public consultation on proposed changes to the Ethical Standard for Auditors (Ireland) and International Standards on Auditing (Ireland). We will keep members updated on developments.