Working in the regulated area of audit
Member firms working in the regulated area of audit are required to comply with the audit regulations and guidance.
The latest edition of Audit News (Issue 47, September 2010) is now available.
Help with CPD
To help you plan your CPD, we have produced an aide memoire (PDF 49KB/3 pages) of recent audit-related technical changes.
Audit Regulations and Guidance
Revised Audit Regulations and Guidance came into effect on 6 April 2008, when the relevant sections of the Companies Act 2006 came into force. The March 2008 issue of Audit News explained the main changes with some useful guidance and the October 2008 issue set out a few additional changes.
Audit Regulations and Guidance in the Republic of Ireland
The new regulations do not currently apply in the Republic of Ireland (RoI).
However the directive has now been transposed into RoI law and we are considering any necessary amendments to the regulations. We will publish details in a future edition of Audit News.
Audit in Ireland and corporate audit firms
To help firms with the changing requirements in Ireland we have produced some initial guidance.
Auditor cessation statements
To help registered auditors with the new requirements when an auditor ceases to hold office, there is a flowchart and guidance notes (PDF 79KB/14 pages) which sets out the process.
Audit Regulation 3.09
Access to audit papers on change of audit appointments after 6 April 2008
For financial years starting on or after 6 April 2008, when an auditor ceases to hold an audit appointment, the successor auditor can look at the working papers of the predecessor auditor. For the avoidance of doubt, while this regulation places an obligation on the ‘predecessor’ auditor, the appointment referred to in the regulation and at the end of the related guidance is that of the ‘successor’ auditor. It is irrelevant when the predecessor was appointed. (Note, in the article in Audit News 45, about the implementation of audit regulation 3.09, the reference to ‘an accounting period’ in the penultimate sentence should be to ‘a new appointment’.).
There is additional guidance (including example letters to use) in technical release Access to Information by Successor Auditors (no. 01/08).
Audit Regulation 3.13 - Access to audit working papers
To help registered auditors with Audit regulation 3.13, we have produced some guidance on Audit Regulation 3.13 (PDF 47KB/4 pages).
Frequently asked questions on becoming a registered auditor
This section explains:
- what constitutes regulated audit work
- what is meant by the term 'registered auditor'
- what a firm needs to do to become a registered auditor
