Skip to content
English EN Gaeilge GA

About IAASA

The Authority’s statutory functions are set out in section 905 of the Companies Act 2014. These are to:

(a) grant recognition to bodies of accountants for the purposes of the relevant provisions,

(b) attach under section 931 terms and conditions to the recognition of bodies of accountants, including terms and conditions—

(i)   requiring changes to, and the approval by the Authority of, their regulatory plans, and

(ii)   requiring their annual reports to the Authority on their regulatory plans to be prepared in the manner and form directed by the Authority,

(c) require changes to and to approve—

(i) the constitution and bye laws of each prescribed accountancy body, including its investigation and disciplinary procedures and its standards, and

(ii) any amendments to the approved constitution or bye laws of each prescribed accountancy body, including amendments to its investigation and disciplinary procedures and to its standards,

(d) conduct under section 933 enquiries into whether a prescribed accountancy body has complied with the investigation and disciplinary procedures approved for that body under paragraph (c) or referred to in paragraph (a)(ii) or (iii) or (b)(ii) of the definition of “approved investigation and disciplinary procedures” in subsection (1) of that section,

(e) impose under section 933 sanctions on prescribed accountancy bodies in relation to enquiries referred to in paragraph (d),

(ea) conduct under section 933 enquiries into whether a recognised accountancy body has complied with the applicable provisions in performing a Part 27 function,

(eb) impose under section 933 sanctions on recognised accountancy bodies in relation to enquiries referred to in paragraph (ea),

(f) undertake under section 934 investigations into possible breaches of the standards of a   prescribed accountancy body by a member of that body,

(fa) undertake under section 934 investigations into possible contraventions of a provision of    section 336 or 337, Part 27 or Regulation (EU) No 537/2014 by a statutory auditor,

(fb) impose under section 934 sanctions on members of prescribed accountancy bodies and statutory auditors for relevant contraventions committed by such members,

(g) supervise how each recognised accountancy body monitors its members and statutory auditors for which the recognised accountancy body has responsibility by virtue of performing a Part 27 function,

(i) monitor the effectiveness of provisions of Part 27 and Regulation (EU) No 537/2014 relating to the independence of statutory auditors,

(ia) monitor developments in the market for audit services to public-interest entities as required by Regulation (EU) No 537/2014,

(j) supervise the investigation and disciplinary procedures of each prescribed accountancy body, including by requiring access to its records and by requiring explanations about the performance of its regulatory and monitoring duties,

(k) co-operate with the prescribed accountancy bodies and other interested parties in developing auditing and accounting standards and practice notes,

(l) perform the functions conferred on it by transparency (regulated markets) law (within the meaning of Chapter 4 of Part 23) in respect of the matters referred to in Article 24(4)(h) of the Transparency (Regulated Markets) Directive (within the meaning of that Chapter),

(ma) adopt auditing standards for the purposes of Part 27 and Regulation (EU) No 537/2014,

  • oversee, in accordance with Part 27 and Regulation (EU) No 537/2014, the performance of (and, where permitted by that Part, that Regulation or any other Part of this Act (including this Part), perform) the following functions with respect to statutory auditors:

(i) the approval and registration of statutory auditors (including the registration of Member State audit firms);

(ii) continuing education;

(iii) quality assurance systems;

(iv) investigative and administrative disciplinary systems,

(na) enable, by virtue of recognition under section 930 or a section 931 notice, functions under paragraph (n) to be performed by recognised accountancy bodies,

(o) perform any other duties or discharge any other responsibilities imposed on it by this Act.

(3) The Authority shall—

(a) cooperate with competent authorities in other Member States to achieve the convergence of the educational qualifications required for the approval of an individual as a statutory auditor,

(b) when engaging in such operation, take into account developments in auditing and the audit profession and, in particular, convergence that has already been achieved by the profession, and

(c) cooperate with the Committee of European Auditing Oversight Bodies (in this Chapter referred to as “CEAOB”) established under Article 30 of Regulation (EU) No 537/2014 and the competent authorities referred to in Article 20 of that Regulation in so far as such convergence relates to the statutory audit of public-interest entities.

(4) The Authority shall—

(a) cooperate within the framework of the CEAOB with a view to achieving the convergence of the requirements of the aptitude test,

(b) enhance the transparency and predictability of those requirements, and

(c) cooperate with the CEAOB and with the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to statutory audits of public-interest entities.

(5) With regard to the cooperation that the State is required to engage in by virtue of Article 33 of the Audit Directive, the Authority is assigned responsibility in that behalf.

(6) For the purpose of discharging the responsibility referred to in subsection (5), the Authority shall put in place appropriate mechanisms, including arrangements with competent authorities in other Member States.