FRC SETS OUT COMPETENT AUTHORITY ROLE

摘要

The FRC has published new auditing and ethical standards following the implementation of the EU Audit Regulation and Directive (ARD), with the requirements effective from 17 June 2016. The audit regulator will be responsible for oversight of the UK audit market as the competent authority while the Irish Auditing and Accounting Supervisory Authority (IAASA) will be in charge of audits for the Republic of Ireland and will also issue auditing standards in the country, under the arrangements laid out in Statutory Auditors and Third Country Auditors Regulations 2016 (SATCAR 2016).