Annual_Report2014

Annual Report 2014
Irish Auditing & Accounting Supervisory Authority
Table of Contents
CHAPTER 1
OVERVIEW OF 2014 ................................................................................1
Mission .............................................................................................1
What IAASA does ..................................................................................2
Chairperson’s statement ............................................................................3
Chief executive’s review ............................................................................5
CHAPTER 2
EXAMINATION OF ISSUERS’ FINANCIAL REPORTS ..................................................8
1. Introduction ..................................................................................9
2. Financial reporting enforcement remit and work performed during 2014 ...........................9
3. Outcomes of 2014 examinations ................................................................12
4. Matters considered in the 2014 financial statement examinations ................................. 14
5. Thematic examinations ........................................................................19
6. International cooperation ......................................................................19
7. Advocacy activities ............................................................................21
8. Provision of accounting advice to the Department ...............................................21
CHAPTER 3
SUPERVISION OF THE ACCOUNTANCY AND AUDITING PROFESSION ...............................22
1. Introduction .................................................................................23
2. Overview of supervisory activities .............................................................23
3. Supervisory visits, desktop reviews and periodic review meetings ................................24
4. Approval of the PABs’ constitutional documents ................................................25
5. Complaints handling ..........................................................................25
6. Enquiries and investigations ...................................................................27
7. Attachment of conditions to the RABs’ recognitions .............................................27
8. Queries received .............................................................................27
9. Implementation of the Statutory Audit Directive Regulations .....................................28
10. Registration of third country auditors and audit entities ..........................................28
11. Domestic and international cooperation ........................................................29
12. Reform of the European audit market ..........................................................29