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Our Remit

IAASA was established in 2006, and it exercises it powers and carries out its functions under the provisions of the Companies Act 2014 (full details can be found here).

IAASA is divided into operational units as set out below:    

Financial Reporting Supervision Unit (FRSU)

IAASA's key FRSU responsibilities include:

  • the examination of certain listed entities’ annual and half-yearly financial reports and taking; appropriate action in instances of non compliance with regulations;  
  • liaison and cooperation with EU accounting regulations enforcement bodies;
  • cooperation in the development of national and EU financial reporting standards;
  • advising the Minister for Jobs, Enterprise and Innovation ('the Minister') on accounting matters.

Full details of IAASA's key FRSU remit can be found here

Regulatory Supervision and Monitoring Unit (RMS)

IAASA's key RMSU responsibilities are:

  • to deliver independent and effective supervision of the Prescribed Accountancy Bodies (PABs) regulatory obligations and promote prompt, robust and proportionate action in instances of non compliance;
  • to oversee the performance of functions relating to statutory auditors carried out by the Recognised Accountancy Bodies;
  • to promote adherence to high professional standards by accountants, auditors and preparers of financial reports;
  • to provide specialist advice and support to the Minister and high quality information to our stakeholders on key auditing and accounting matters;
  • to cooperate with other EU Member States regarding education requirements and approval of statutory auditors.

Full details of IAASA’s RMSU remit can be found here

Audit Inspections Unit (AIU)

IAASA’s key AIU responsibilities are:

  • to carry out direct inspections of public interest entitiy (PIE) auditors and PIE audits
  • to register and supervise third-country auditors;
  • to liaise and cooperate with EU and other international auditing regulations enforcement bodies; and
  • to advise the Minister on auditing matters.
     

Full details of IAASA’s AIU remit can be found here
 

Conduct & Legal Services Unit

In addition to providing in-house legal advice to the Authority on all aspects of its functions, the unit is responsible for managing the formal processes where IAASA initiates statutory enquiries/investigations:

  • into potential breaches by a PAB of its own approved investigations and disciplinary processes (section 933);
  • directly into the actions of an accountant (i.e., rather than supervising the PAB process) (section 934); or
  • into the actions of an auditor/audit firm in relation to a potential breach of the Statutory Audit Regulations 2016 (section 935).

The unit is also responsible for IAASA’s role in registering Category 5 liquidators (i.e. those who are not accountants or solicitors).  Further information on this function is available here
 

Finance & Administration Unit

The Finance & Administration Unit is responsible for ensuring effective internal systems and controls in IAASA, including financial management, control and reporting, procurement, ICT, facilities management, publications and the provision of reception services and administrative support to all staff.  The Unit also maintains the website, and is the principal point of contact with the Department of Jobs, Enterprise & Innovation, IAASA’s parent Department, and  for all media interaction.  The Head of Finance & Administration is company secretary, and the Unit provides a secretariat to the Board and to a number of its Committees.