The Irish Auditing and Accounting Supervisory Authority (“IAASA”) has recently released its Annual Report.

The report, which was laid before the House of the Oireachtas last week, details the work conducted by the authority throughout 2017, across its various areas of responsibility and in pursuance of its mission to: “contribute to Ireland having a strong regulatory environment in which to do business by supervising and promoting high quality financial reporting, auditing and effective regulation of the accounting profession in the public interest”.

The report details two particular achievements for IAASA over the past year:

  • The issuing of Ireland’s own auditing standard, for the first time in the history of the State;
  • The signing of a Memorandum of Understanding between IAASA and the US auditing regulator, the Public Companies Audit Oversight Board which was followed by a joint inspection of an Irish firm by staff from both authorities.

The report also details other achievements during the year and can be accessed here.