The Companies Act 2014 sets out IAASA’s legal responsibilities, which we carry out across five key areas:

Standards and Policy

IAASA sets the standards that govern statutory audits and sustainability assurance in Ireland.

Professional Body Supervision

IAASA supervises how the prescribed accountancy bodies regulate and monitor their members. IAASA also oversees how the recognised accountancy bodies oversee statutory auditors and sustainability assurance service providers.

Corporate Reporting Supervision

Under the EU Transparency Directive (enacted through Ireland’s Transparency Regulations 2007), IAASA acts as Ireland’s corporate reporting supervisor.

Assurance Quality Supervision

IAASA inspects the quality of the audit and sustainability assurance work performed by the auditors and sustainability assurance service providers of Public Interest Entities (PIEs).

Enforcement

IAASA conducts enquiries and investigations under sections 933 and 934 of the Companies Act. These include:

• Enquiries into whether a prescribed accountancy body has complied with its approved investigation and disciplinary procedures
• Enquiries into whether a recognised accountancy body has complied with applicable provisions in performing its functions related to statutory auditors and audit firms
• Investigations into the conduct of members or member firms of a prescribed accountancy body