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How can I satisfy myself that a person and/or firm is properly qualified to provide auditing services to the public?

In order to legitimately act as an auditor under the Companies Acts (i.e. to audit the financial statements of an entity), a person/firm must be a Registered Auditor. To become a registered auditor, a person/firm must: Be a member of a recognised accountancy body; and have been authorised by that body to act as an … Continued

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How should I select an Accountant or Auditor?

IAASA on occasion receives queries from members of the public in relation to selecting an accountant or auditor. IAASA recommends selecting an individual who is a full member of a body which comes within the supervisory remit of IAASA.  These bodies fall into two categories, Prescribed Accountancy Bodies (PABs) and Recognised Accountancy Bodies (RABs). Individuals … Continued

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What is the difference between a ‘Prescribed’ accountancy body and a ‘Recognised’ accountancy body?

(i) Prescribed Accountancy Body A Prescribed Accountancy Body is any accountancy body that comes within the supervisory remit of the Authority. There are currently six prescribed bodies: ACCA – Association of Chartered Certified Accountants; AIA – Association of International Accountants; CIMA – Chartered Institute of Management Accountants; CIPFA – Chartered Institute of Public Finance & … Continued

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What is a Prescribed Accountancy Body (‘PAB’)?

A Prescribed Accountancy Body (‘PAB’) is any accountancy body that comes within the supervisory remit of IAASA under the Act. There are currently six PABs each of which has its own formal system for dealing with complaints relating to its members/member firms, including, where necessary an investigation and disciplinary process. The six PABs and the … Continued

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What is the Authority’s relationship with the State?

IAASA is a State body by virtue of having been established by an Act of the Oireachtas (the Irish parliament), i.e., the Companies (Auditing and Accounting) Act 2003.  The provisions of this Act are now incorporated into the Companies Act 2014. Notwithstanding its status as a State body, the Authority’s independence in the discharge of its functions … Continued

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How is the Authority funded?

General Funding As provided for by its founding legislation (for further details click here), 40% of IAASA’S funding is provided by the Exchequer (via the Department of Jobs, Enterprise & Innovation). The remaining 60% is provided jointly by the prescribed accountancy bodies, way of a mandatory annual levy. The size of the levy allocated to each individual prescribed … Continued

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What is the role of the Authority?

The principal objectives of the Authority, which are set out in section 904 of the Companies Act 2014, are: To supervise how the prescribed accountancy bodies regulate and monitor their members; To promote adherence to high professional standards in the auditing and accountancy profession; To monitor whether the accounts of certain classes of companies and other undertakings … Continued

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