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What powers does IAASA rely upon in carrying out inspections?

The Companies Act 2014 confers upon IAASA a number of powers to allow it to effectively carry out its functions. Some of the key powers utilised are listed below – please note that this list is not exhaustive.

S 906(1) The Supervisory Authority has the power to do anything that appears to it to be requisite, advantageous or incidental to, or to facilitate, the performance of its functions and that is not inconsistent with any enactment.

S 906(3) The Supervisory Authority may adopt rules and issue guidelines concerning any matter that relates to its functions (including its functions under Regulation (EU) No 537/2014).

S 1494(1) The Supervisory Authority shall put in place a quality assurance system as set out in Article 26 of Regulation (EU) No 537/2014.

S 1494(4) The Supervisory Authority may publish on its website the findings and conclusions of individual inspections undertaken as part of the quality assurance system referred to in subsection (1).

S 1523(1) Where it considers it reasonably necessary to do so for the purposes of performing a particular function under the relevant provisions, the Supervisory Authority may request information and inspect and make copies of all relevant documents in the possession or control of a recognised accountancy body or a relevant person; for that purpose, it may, by notice in writing served on the recognised accountancy body or relevant person, require the recognised accountancy body or relevant person either (as shall be specified) to –

(a) furnish to it specified documents or information, or

(b) permit it to have access, under specified circumstances, to all relevant documents in the possession or control of the recognised accountancy body or relevant person, within a specified period.