On 31 January 2017 the Auditing Framework (the “Standards”) for Ireland were adopted by the Irish Auditing and Accounting Supervisory Authority (the “IAASA”).

The adoption of the Standards follows the signing into law of the European Union (Statutory Audits) Regulations 2016 (European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, And Regulation (EU) No 537/2014) Regulations 2016) in June 2016.

Application of the Standards is required for the auditing of financial statements for periods commencing on or after 17 June 2016 and for which Audit Opinions are required to be signed on or after 1 February 2017. For financial periods which commenced prior to 17 June 2016, the Financial Reporting Council’s Ethical Standard ES1-5 may still be used.

The Standards can be accessed here.