Institute Inspection Visit Results for 2019
The publication of the 2019 Annual Report of the Chartered Accountants Regulatory Board (CARB) makes interesting reading. It includes the results of the inspections carried out by the Professional Standards Department that were concluded in 2019.
Here we look at an extract from the report where 113 audit inspections were concluded, which is around 15% of the number of licensed audit firms in all of Ireland. 29% of the audit visit results were unsatisfactory or nearly one in three visits, produces less than ideal results.
In 2019, one firm had its audit registration withdrawn by the Quality Assurance Committee while three individuals had their Practising Certificates withdrawn.
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We also have a webinar available on our website that specifically helps prepare for such a visit, called ‘Preparing for an Audit Quality Review Visit’ available now for immediate download.
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