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Audit FAQs

The purpose of this section is to answer some of the most common questions practitioners have in relation to carrying out audit services.  If you have any further queries, please do not hesitate to contact us at practicemembers@charteredaccountants.ie.

  1. How does my firm become a Registered Auditor?

    Please see the Professional Standards Department (PSD) page on audit registration. As a registered auditor, you will be subject to the requirements of the Audit Regulations, and subject to PSD’s Quality Assurance regime. Further audit support and guidance can be found here.

  2. Where do I find more information about Audit qualification requirements?

    Please see here for information and FAQs regarding the Audit Qualification requirements.

  3. Where can I find standards and guidance on auditing?

    Auditing, ethical and quality control standards, together with Institute guidance and more can be found in the Audit and Assurance section of the Institute’s Technical Hub.

  4. Where can I obtain audit procedures for my practice?

    Practice Consulting’s Procedures for Quality Audit practice toolkit is a dynamic set of audit procedures designed for audits of small or medium sized private company clients in ROI and NI. Our online shop also has specialist audit procedures for credit unions, insurance brokers, charities and owner management companies.

  5. Where can I obtain a template Audit Engagement Letter?

    For ROI, please see our template Engagement letter for audit 2019 ROI.

  6. Where can I find template auditor’s reports?

    Template ROI auditor’s reports can be found in IAASA’s Compendium of Illustrative Auditor’s Reports.

    Template UK auditor’s reports can be found in FRC’s Bulletin - Illustrative Auditor’s Reports on United Kingdom Private Sector Financial Statements.

  7. Where can I find standard Bank Confirmation Request Letters?

    Please see the Technical Release on Bank Reports for Audit Purposes, which includes a template Standard Form of Request.

  8. I’m ceasing as auditor of an ROI company. What are my obligations regarding notifying IAASA?

    Please see IAASA’s webpage on Notifications of Auditors' Cessation of Office.

  9. How do I carry out my annual Audit Compliance Review (ACR)?

    The Audit Regulations (Regulation 3.20) require that a Registered Auditor must monitor, at least once a year, how effectively it is complying with these regulations and take action to deal with any issues found and communicate any changes in procedures to principals and employees on a prompt basis.

    The most recent compliance review checklist for carrying out your review can be downloaded from Professional Standards.

    When required, Practice Consulting can assist you with your compliance responsibilities, by carrying out an external compliance review.

  10. Where can I obtain audit-related CPD?

    The Practice Consulting team regularly run audit-themed webinars. Look out for our emails regarding upcoming courses, and check the CPD diary.

    Our team in Practice Consulting can also provide tailored in-house training, coaching and advice.

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