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Audit reform in Ireland
How does it affect your funds?
On the 15 June 2016 a Statutory Instrument (‘SI 312’) was signed in Ireland that gives effect to the EU Directive and Regulation. SI 312 provides clarity on how the rules will be implemented in Ireland and what options allowed within the EU Directive and Regulation (so called ‘member state options’) will be taken.
What Funds are affected?
Audit reform introduces some rules that affect all audits undertaken in Ireland, in particular in the way that audit firms are regulated, and other rules that relate to individual audit relationships that apply only to the audit of Public Interest Entities (‘PIE’).
The definition of a PIE has not been modified for Ireland and remains as defined in the EU Directive. PIE’s include, as well as credit intuitions and insurance companies, entities governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market of any Member State.
For example Irish Funds that are listed on the Irish Stock Exchange main market (which is an “EU Regulated Market” ) would be defined as a PIE; also, ETF’s that are listed on other European Regulated Market would meet the definition. It is important to note the definition is related to listing of the transferable securities and not the regulatory structure of the fund such as UCITs or AIF.