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Is Nuclear the Best Way Forward?

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Submitted By lianlianxiahcen
Words 854
Pages 4
|While the outcome of the consultation process between the interim board of the IAAS and the department remains uncertain, there |
|have been a number of other developments which affect the regulation of the profession, these include: |
|• Publication by the Auditing Practices Board of a guidance note to auditors of banks in Ireland |
|• Appointment of a new director of corporate enforcement. |
|• Implementation of new SEC independence rules. |
|• Emergence of a more co-ordinated international approach to audit regulation. |
| |
|On the 3rd of August the Auditing Practices Board issued a draft practice note providing up-to-date guidance to auditors of |
|banks in Ireland. The Institute of Chartered Accountants in Ireland led the project group which drafted the practice note on |
|behalf of the Auditing Practices Board and there was extensive consultation with a number of government agencies and in |
|particular with the Central Bank. |
| |
|The report is quite comprehensive and deals with a number of issues raised by the review group on auditing. In outline the |
|issues addressed are as follows: |
|• Guidance in relation to non-audit work carried

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