State to take over audits of public companies

The policing of audits of publicly-quoted companies is being taken out of the hands of professional accounting bodies and transferred to the state’s auditing watchdog.

20th November, 2010

The policing of audits of publicly-quoted companies is being taken out of the hands of professional accounting bodies and transferred to the state’s auditing watchdog.

Audit inspections will now be carried out by the Irish Auditing and Accounting Supervisory Authority (IAASA), which is headed by Ian Drennan.

The change to audit monitoring will affect quoted companies, and certain financial institutions and insurance companies.

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