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
Supervision and oversight are performed through a supervisory framework which involves ongoing engagement through review meetings, supervisory onsite reviews, desktop reviews thematic reviews and approval of constitutional documents.
IAASA publishes a number of reports annually on the website including the Profile of the Profession which includes details on the key regulatory facts and trends around the accountancy and audit profession in Ireland.
Find out more about how IAASA supervises the prescribed accountancy bodies in the following factsheets..