IAASA has published its 2023 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities in Ireland.
The reports summarise IAASA’s inspection of each firm’s implementation of the International Standard on Quality Management (Ireland) 1 (ISQM 1) which was effective for the first time during this inspection period. The inspection included an assessment of the design of each
firm’s system of quality management and an evaluation of the quality objectives, quality risks and related responses identified. The quality assurance review reports include any findings and recommendations made by IAASA to the firms regarding their system of quality
management.
IAASA undertook 31 (2022: 35) inspections of individual audit files in 2023. Of these 24 (2022: 31) were graded as good audits, seven (2022: four) required improvement. No audit files inspected required significant improvement. On firmwide systems of audit quality, IAASA raised five firmwide findings in 2023, with findings raised in four firms (2022: 16 firmwide findings raised in five firms).
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