The Irish Auditing and Accounting Supervisory Authority (IAASA) has published “Transparency Reporting: Thematic Review” dealing with reporting by auditors under its jurisdiction (primarily auditors of quoted companies, banks or insurance companies). Transparency reports are a requirement for audit firms that audit public-interest entities, to present information about themselves on their website. It is an opportunity to present information on their processes and systems, governance structure and internal quality control system. Transparency reports also communicate a firm’s assessment of challenges that it is facing in relation to audit quality and the effectiveness of its actions to overcome them. With some exceptions, the IAASA found that transparency reports were typically prepared to a good standard, compliant with the Regulation and readily accessible.
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