Under the Companies Act 2014, IAASA is responsible for supervising how the prescribed accountancy bodies (PABs) regulate and monitor their members and for overseeing the performance by the recognised accountancy bodies (RABs) of Part 27 functions.
A Part 27 function includes:
- Approval & Registration of Statutory Auditors and Statutory Audit firms
- Quality Assurance of non-PIE auditors’ work
- Continuing Professional Development (CPD)
- Investigation & Discipline