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 is protected by legislation and it operates as a company limited by guarantee. Section 910 of the 2014 Act provides that the Minister shall not give direction to IAASA concerning the discharge of its work programme.