Annual_Report2014

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<strong>Annual</strong> Report 2014 29 Supervision of the accountancy and auditing profession 11. Domestic and international cooperation IAASA seeks to maintain strong links with domestic and international counterparts as part of its ongoing supervisory activities, including liaison with the: • Office of the Director of Corporate Enforcement; • Central Bank of Ireland; • Companies Registration Office; • UK Financial Reporting Council including its Audit and Assurance Council; • European Group of Auditors’ Oversight Bodies; • European Audit Inspection Group; • International Forum of Independent Audit Regulators; and • US Public Company Accounting Oversight Board. 12. Reform of the European audit market In April 2014, the EU Council ratified changes to the existing Statutory Audit Directive and a new regulation on specific requirements regarding the statutory audit of PIEs. The revised directive and regulation, which become applicable for all EU member states from June 2016, are intended to improve audit quality and re-establish investor confidence in financial information. The reforms will lead to a number of changes in the regulation and supervision of audits, including the transfer of responsibility for the quality assurance of auditors of PIEs from the RABs to IAASA. During the year, IAASA continued to monitor the reforms and to provide advice to the Department. In particular, IAASA liaised with the Department in relation to its consultation paper on the member state options available in the revised Directive and Regulation and the interpretation and implementation of the reforms, including the planned transposition of the revised Directive into Irish law. In addition, IAASA representatives participated in EU audit reform workshops and submitted clarification questions to the EC regarding the audit reform legislation. During 2014, IAASA also met with representatives of the Irish Stock Exchange, the Revenue Commissioners and Quality & Qualifications Ireland to discuss matters of mutual interest.
Chapter 4 Governance and structure
Page 1 and 2: Annual REPORT 2014
Page 3 and 4: Annual Report 2014 Irish Auditing &
Page 5 and 6: Chapter 1 Overview of 2014
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Page 47 and 48: 2014 Financia l & Related Statement
Page 75 and 76: Appendices
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Annual Report 2014 Irish Auditing &
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GLOSSARY OF TERMS
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www.iaasa.ie
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