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IAASA raises ‘serious concerns’ over two audits in 2018

The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its annual report for 2018. In his statement in the report, IAASA Chief Executive Kevin Prendergast said: Two audits from the same firm were referred by the Audit Quality Team for investigation. This reflects serious concerns about those audits, and they are the first such referrals under the Authority’s direct inspection regime. They will be considered by the Authority under its current Investigation Regulations.” The report does not name the audit firm in question.

The IAASA is responsible for the overall supervision of the accounting profession in Ireland, comprising of 39,049 members of prescribed accountancy bodies. It is also the competent authority for the oversight of statutory auditors in Ireland, including oversight of the manner in which the five recognised accountancy bodies perform the functions assigned to them in law in respect of statutory auditors. In addition, IAASA has direct responsibility for the inspection of audits of public interest entities.

By the end of 2018 the IAASA had carried out inspections into all nine of the audit firms (including all of the Big 4) that carry out statutory audits of PIEs. It had also undertaken a further joint inspection with the US regulator, the PCAOB.

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