ACCA welcomes the opportunity to comment on the proposed Guidelines for the Recognised Accountancy Bodies (RABs) when performing the Approval and Registration function in respect of Statutory Auditors and Audit Firms.
ACCA has established procedures for approving and registering statutory auditors and audit firms. We are supportive of a proportionate, risk based and outcomes-focused approach to our activity.
ACCA welcomes and supports the publication of IAASA guidelines, which should promote greater consistency between the RABs. This increases the transparency of processes for the benefit of members, firms, and the general public. The IAASA guidance should enhance the procedures already in place.
ACCA considers that, overall, the Guidelines set out at A-E provide a clear explanation of the overarching principles that underpin the statutory requirements. However, ACCA has concerns regarding aspects of the attendant Application guidance where it may be overly prescriptive. We
have highlighted these specific areas of concern and identified areas requiring further clarification in our response where appropriate.
In addition to the areas below, ACCA has concerns regarding the timing of the introduction of these Guidelines. The impact on licensing processes from the launch of the Corporate Sustainability Reporting Directive (CSRD) are unclear at this point but will require a short implementation timeline. As the same staffing resource will be used to implement these Guidelines and the CSRD requirements, the roll out of both will put considerable strain on
resource.
To read the response in full, please download the consultation document on this page.