The UK’s Financial Reporting Council have issued a consultation on proposed changes to the UK’s Ethical and Auditing Standards. The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA’s policy is to make minimal amendments to the UK framework. IAASA have advised that amendments are 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 proposed 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) which reflect those proposed by the FRC, except where changes are considered necessary to reflect Irish specific requirements.
The CPA Audit Practices Committee will review and respond to these consultations.