Previous News Items in 2010
Authority publishes fourth Annual ReportThursday, 24th June, 2010: The Authority has today published its 2009 Annual Report. The Report can be accessed here. The associated Press Statement can be accessed here. Minister approves fee to be paid by third country auditorsWednesday, 9th June, 2010: The Minister for Enterprise, Trade & Innovation, Batt O’Keeffe TD has signed the European Communities (Transitional Period Measures in respect of Third Country Auditors) (Fees) Regulations 2010 into law. The Regulations (which have been enacted via Statutory Instrument No. 251 of 2010) specify the fee to be paid by a third country auditor seeking registration under the transitional regime from the Irish Auditing and Accounting Supervisory Authority. As a result of the enactment of the Regulations, applicants seeking such registration under the transitional regime are now required to pay the Authority a fee of €2,000, such fee being for the purpose of covering the Authority’s costs. The Regulations can be accessed here. Authority invites of expressions of interest for the provision of legal servicesFriday, 4th June, 2010: The Authority is inviting expressions of interest for the purpose of facilitating selection of its principal provider of legal and ancillary services for a three year period. The Authority also engages the services of other such service providers from time to time (e.g., in instances where potential conflicts of interest arise). This exercise will also be used for the purpose of facilitating the establishment of a Panel of reserve service providers. For the avoidance of doubt, the Panel referred to above is separate and distinct from the Panel of legal professionals advertised in February last in the context of the Authority’s supervisory mandate vis-à-vis the Prescribed Accountancy Bodies. Further information was provided in the detailed Invitation document, which can be downloaded here. The closing date for receipt of expressions of interest has now passed. Statutory Audit Directive transposedMonday, 24th May, 2010: The Minister for Enterprise, Trade & Innovation, Mr. Batt O’Keeffe, TD, has signed the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010 into law. The Regulations (which have been enacted via Statutory Instrument No. 220 of 2010) give effect in domestic law to the EU Statutory Audit Directive. The Regulations can be accessed here. Authority publishes observations on materiality in financial reportingFriday, 21st May, 2010: The Authority has today published a paper setting out: • IAASA’s observations arising from its engagement with issuers in respect of their materiality judgements; and • an overview of the requirements of IFRS with respect to preparers’ assessment of materiality. The paper can be accessed here. IAASA’s interactions with issuers to date suggest that preparers’ assessment of materiality can be unduly focused on a narrow range of quantitative considerations, as well as on the needs of a limited range of users. This paper aims to assist preparers with materiality assessments in respect of their financial reports as well as to provide preparers who may become subject to IAASA’s supervisory activities with an understanding of its likely approach. Authority seeks to establishment a Panel of legal professionalsWednesday, 3rd March, 2010: Pursuant to the Companies Acts, one of the Authority’s principal functions is to supervise the Prescribed Accountancy Bodies’ regulation and monitoring of their members and member firms. In discharging this function, the Authority, on occasion, requires the services of suitably qualified legal professionals. In that context, IAASA wishes to establish a Panel of such persons and is inviting expressions of interest from legal professionals. Further details of this Invitation can be found here. The closing date for receipt of Invitations has now passed. Authority publishes observations on selected year end financial reporting issuesFriday, 15th January, 2010: The Authority has today published observations on selected year end financial reporting issues affecting entities whose securities are listed on a regulated market and whose home Member State is Ireland. In presenting their results and financial positions in respect of financial years ending on or after 31 December, 2009, issuers continue to report against a background of ongoing market uncertainty, reduced access to credit, weak economic activity and potentially impaired asset values. Each of these factors gives rise to increased risk and uncertainty in the recognition, measurement, classification, presentation and disclosure of revenues, expenses, assets and liabilities in periodic financial reports. Set against this backdrop the observations document has been developed with a view to providing information and assistance to issuers’ Boards and Audit Committees. The document also provides details of certain areas that are likely to be the focus of IAASA’s financial reporting review activity during the coming year. The document can be accessed here. |
Irish Auditing & Accounting |
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