Auditing - UK and Ireland
On this page you will find information on the providers of auditing standards in the UK and Ireland.
Providers of the Standards
Financial Reporting Council (FRC)
In the UK, the FRC is the independent regulator responsible for promoting high quality corporate governance and reporting. The FRC monitors and enforces auditing standards within the UK.
It also oversees the regulatory activities of the professional accountancy bodies, and operates independent disciplinary arrangements for public interest cases involving accountants.
The FRC Board is supported by three committees, which:
i) advise the Board on technical matters, through the Auditing & assurance Council and Actuarial Council
ii) oversee its monitoring and disciplinary functions, through the Monitoring Committee and the Case Management Committee
iii) advise the Board on strategic issues.
Access more information about the FRC below, including FRC publications.
Codes and Standards Committee
The Codes and Standards Committee advises the FRC Board concerning the UK framework of codes and standards covering accounting, auditing and assurance, and corporate governance. It also advises the Board on its research projects, influencing developments in the wider regulatory environment, the Board's Annual Plan, and appointments to (and oversight of) the three Councils. The Board may delegate matters to the Codes and Standards Committee, including some relating to international issues.
The Codes and Standards Committee is advised by three Councils, namely the auditing and assurance Council, the Accounting Council and the Actuarial Council. The Board member chairing each Council is responsible for submitting the Council's advice to the Board, and all such advice must be put to the Board in full.
The responsibilities of the Conduct Committee include overseeing:
- the monitoring of the Recognised Supervisory Bodies and the Recognised Qualifying Bodies (performed by the Professional Oversight Team)
- audit quality reviews (performed by the Audit Quality Review Team)
- corporate reporting reviews (performed by the Corporate Reporting Review Team)
- professional discipline
- oversight of the regulation of accountants and actuaries.
The Conduct Committee is supported by two sub-committees, namely the Monitoring Committee and the Case Management Committee (which advises on the handling of disciplinary cases).
Further information on the FRC, including publications
- About the FRC
- Auditing Standards
- Ethical Standards for Auditors
- Developments in Audit
- Exposure Drafts
- Practice Notes
- Standards for Investment Reporting
- Review Standards
- Other standards and guidance
- Superseded standards and guidance
- Other statements
- Research documents
- Promoting audit quality
- Audit Firm Governance Code
- Further information concerning the Committees and Councils of the FRC
- Further information concerning the FRC's executive structure concerning regulation.
Irish Auditing and Accounting Supervisory Authority (IAASA)
In Ireland, IAASA is the independent body responsible for oversight of the regulatory functions of the Recognised Accountancy Bodies in relation to statutory auditors.
IAASA has adopted the Auditing Framework for Ireland, consisting of the Ethical Standard for Auditors (Ireland) 2020, International Standards on Auditing (Ireland) (ISA (Ireland)) comprising numerous separate standards, International Standard on Quality Management (Ireland) 1, and International Standard on Quality Management (Ireland) 2. These standards, which are based on the ISAs (UK & Ireland), as amended, are issued under licence from the FRC in the UK.
Individuals and audit firms that are approved to carry out statutory audits in Ireland are required to conduct Irish statutory audits in accordance with the Auditing Framework for Ireland and the implementation dates specified by IAASA.
Access more information on IAASA below, including publications and the Auditing Framework for Ireland.
- Ethical Standard for Auditors (Ireland) 2020
- International Standards on Auditing (Ireland)
- International Standard on Quality Management (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
- International Standard on Quality Management (Ireland) 2, Engagement Quality Reviews