After Ireland signed the European Directive regarding statutory audits, the Irish Accounting & Supervisory Authority simultaneously agreed to adopt the auditing framework in Ireland.
During a consultation following the decision last year, three options were considered:
Adjusting and implementing the UK FRC framework for the Irish economy.
Adopting the IAASB (International Auditing & Assurance Standards Board) international audit framework.
Or developing national standards in Ireland.
Earlier this year, the Irish Accounting & Supervisory Authority announced it was going to base the auditing framework for Ireland on the UK FRC framework, stating that the FRC standards proved to be more detailed in some areas than the international counterparts; chiefly in relation to ethical matters. Additionally, this approach would cause least disruption to both auditors and businesses in Ireland and was therefore the most sensible option.