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, including the assurance of sustainability reporting,
- To monitor whether the financial statements, accounts or where applicable, sustainability reporting of certain classes of companies and other undertakings comply with the Companies Acts and, where applicable, Article 4 of the IAS Regulation,
- To act as a specialist source of advice to the Minister on auditing and accounting matters, and the assurance of sustainability reporting and
- To oversee statutory auditors, the conduct of statutory audits and, where applicable, the carrying out of assurance of sustainability reporting in accordance with the relevant provisions and perform functions under those provisions in relation to such oversight.
Further details on the Authority’s role, functions and powers can be found here