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Thursday, 18th April 2024
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Guidance promotes proactive communication Back  
Guidance for auditors of banks in Ireland issued in February by the Auditing Practices Board will contribute to improved communication between bank auditors and the Central Bank, according to the country’s largest accountancy body, the Institute of Chartered Accountants in Ireland (ICAI). The new procedures mean that there will be a more proactive approach to information sharing between auditors and the Central Bank.
The guidance is contained in Practice Note 19 (I) which the APB first published in draft form in August 2001. Following consideration of a number of submissions and close consultation with the Central Bank, the APB approved the Practice Note.
Brian Walsh Chief Executive of the ICAI explained that the Practice Note includes guidance on the steps auditors should take to ensure they meet their obligations under current law to report to the Central Bank if they encounter circumstances that are ‘of material significance’ to the Bank.
The new guidance means that the external auditors of a financial institution will now have to provide an annual positive statement to the Central Bank on whether anything has come to their attention that gives rise to a legislative duty to report to the Central Bank. And in order to ensure proper consideration of all relevant information, accounting firms undertaking audits of financial statements will have to bring non-audit work carried out for the firm to the attention of the partner responsible for the audit.

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