I received a representation from Chartered Accountants Ireland on 22 July 2020 regarding the question of a legislative amendment to extend the six year rule for the cycle of quality assurance reviews of statutory auditors and audit firms and a response has issued from my office.
In summary, in view of the importance of the review function in terms of safeguarding small businesses, the length of the review cycle as it stands, the number of auditors and audit firms impacted and the mitigating measures already available it is not considered that a legislative amendment is appropriate at this time.
I have also recently received further representations from Chartered Accountants Ireland on a range of matters including the extension of company filing deadlines and the loss of the audit exemption and these are being considered and responses to the representations will issue in due course.