The Irish Auditing and Accounting Supervisory Authority (IAASA) was established pursuant to the provisions of Part 2 of the Companies (Auditing and Accounting) Act, 2003 (‘the Act’). The text of the Act can be accessed here.
Having regard to its statutory objects (section 8 of the Act), functions (section 9 of the Act) and powers (section 10 of the Act), the Authority’s principal goals are:
To support and enhance public confidence in the accountancy profession through effective, independent supervision and, where appropriate, statutory Enquiry and Investigation;
To support and enhance public confidence in financial reporting through the exercise of effective, independent supervision and, where appropriate, enforcement action;
To support and enhance public confidence in the accountancy profession and in financial reporting through the promotion of adherence to high professional standards and the provision of high quality advice to the Minister; and
To provide a consistent high standard of service to all stakeholders.
Note: While the legislation that established the Authority comes within the remit of the Minister for Jobs, Enterprise & Innovation, certain of the Minister’s functions in this regard have, from time to time, been delegated to Ministers of State with responsibility for Trade & Commerce. These delegations, made by way of Statutory Instrument, are available here.