Draft document on duties of auditors

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the publication of a draft document by the Auditing Practices Board (APB) on the obligations of auditors under the Companies Act 2003.

The act requires company directors to prepare a policy statement on their company’s compliance with statutory obligations and an update each year on the company’s performance in this regard. Auditors must comment on both in their audit reports.