The Irish Auditing and Accounting Supervisory Authority (IAASA) recently expressed disappointment at the quality of audits conducted on public interest entities in 2023.
The IAASA's 2023 quality assurance review found that 23% of audit files inspected needed improvement, up from 11% in 2022. "The results of the 2023 inspections are disappointing," said Kevin Prendergast, CEO of the IAASA. “[C]learly there is work to be done to improve the consistency of performance. We expect audit firms to carry out a robust root cause analysis to address the issues identified.”
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