RSA GVT published IRBA board notice 512/2023 on IRBA rules arising from the International Standards on Quality Management (IRBA QM L&R Rules).
IRBA Rules
Rule 1: ultimate responsibility and accountability for system of quality management
Per International Standard on Quality Management 1: firm shall assign ultimate responsibility and accountability for system of quality management to chief executive officer or managing partner / equivalent or, if appropriate, managing board of partners.
Rule 2: transparency reports; firms, as defined in Auditing Profession Act, that have registered as an auditor with the IRBA, that audit financial statements of publicly traded entities, shall prepare and publish transparency reports on an annual basis.
Rule 3: engagement quality reviewer (EQR), and an assistant to an EQR.
Engagement quality reviewer must be registered with IRBA as a registered auditor (RA), or be in possession of an RA designation from another country.
Rule 4: assembly and retention of audit documentation - assembly of final engagement file shall not exceed 60 calendar days after the date of the engagement report;
Retention period for engagement documentation shall be minimum of five years from the date of the engagement report, or such longer period as determined by other laws and regulations or firm policies/procedures;
Retention of documentation for system of quality management shall be minimum period of five years, or longer period as determined by other laws and regulations.
Effectiveness
IRBA Rules 1-3 effective for audits of financial statements for periods beginning on or after Dec. 15, 2025; early adoption is permitted.
IRBA Rule 4 effective for audits of financial statements for periods beginning on or after Dec. 15, 2024; early adoption is permitted.
Regulators
RSA GVT
Entity Types
Auditor; Corp
Reference
OG 49757, RN 512/2023, 11/24/2023
Functions
Accounting; Compliance; C-Suite; Operations; Record Retention; Registration/Licensing
