Running an Audit in Ireland

Audit legislation in Ireland

Audit regulations are governed by the Irish Companies Act, the Companies Auditing and Accounting Act of 2003 and S.I. No. 220 of 2010 (now replaced by Part 27 of the Companies Act 2014 and S.I. No. 312 of 2016), which transposed the European Union’s Statutory Audit Directive of 2006. The Statutory Instrument 220 now allows Irish companies to be auditors. The new Companies Law also allows auditors to constitute themselves as companies or limited liability partnerships, but corporate auditors are restricted from acting as public auditors in Ireland. The Companies Auditing and Accounting Act of 2003 also established the creation of the Irish Auditing and Accounting Supervisory Authority (IAASA).

The Audit and Accounting Supervisory Authority in Ireland

The Irish Auditing and Accounting Supervisory Authority (IAASA) is an independent body and it is in charge with the examination and enforcement of periodical financial reporting requirements for Irish public companies listed on the Stock Exchange. The IAASA will also supervise the Prescribed Accountancy Bodies (the recognised professional accountancy bodies). The main objectives of the IAASA are:

• – to provide independent and efficient supervision of financial reporting requirements,
• – to promote adhesion to the highest accounting and auditing standards,
• – to offer advice and support to different ministers in accounting and auditing matters.

For other information about auditing regulations as provided by the IAASA you may contact to our specialists in Ireland.

Audit regulations in Ireland

 Registered auditors must comply with the following regulations when running an audit on an Irish company:

• – conducting the audit with integrity,
• – must be independent,
• – follow all auditing standards as imposed by the IAASA,
• – to ensure all principals and Irish employees are fit and competent persons.

The auditor must also collect all relevant information in order to efficiently evaluate the company he or she is auditing. Considering certain types of Irish companies have specific auditing requirements, the auditor must also verify the legislation related to the company the audit is being performed in. The auditor must also find out what the company’s objectives and directives are and must make specific recommendations. At the end of the audit, the auditor is required to draft a written report.

For details about accounting and auditing services you may also refer to our consultants in company formation in Ireland.