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 which was effective for the first time during this period.
IAASA undertook 31 (2022: 35) inspections of audit files,
- 24 were graded as good audits, (2022: 31)
- 7 required improvement, (2022: 4)
- No audit files inspected required significant improvement.
On firmwide systems of audit quality,
- 5 firmwide findings in 2023, with findings raised in 4 firms (2022: 16 firmwide findings raised in 5 firms)
The inspections 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.
The reports also summarise the results arising from IAASA’s inspection of a sample of audits of PIEs performed by each firm, including the grades assigned to the audits inspected and any key recommendations made to the firm.
The 2023 reports can be accessed here.
LOADING...