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IAASA issues Consultation Paper on proposal to issue Companies Act 2014 Section 934 Regulations

IAASA has today issued a consultation paper seeking views with regard to IAASA’s proposal to issue Companies Act 2014 (Procedures Governing the Conduct of Section 934 Investigations) Regulations 2019 (‘S934 Regulations’).


The Consultation Paper is available here.


The draft S934 Regulations are available here.


IAASA was established by the Companies (Auditing and Accounting) Act 2003 (‘the 2003 Act’). Section 24 of that Act provided that IAASA had the power to conduct investigations into possible breaches of the standards of a prescribed accountancy body (‘PAB’) by a member.   IAASA issued Regulations setting out the procedures to be followed in conducting investigations under section 24. The most recent version of these Regulations, issued in 2012, is available here


The new Companies Act 2014 consolidated Irish company legislation into a single Act. In 2018, the Companies Act 2014 was amended by the Companies (Statutory Audits) Act 2018. The amendments included a number of substantive changes to the provisions relating to the conduct of investigations by IAASA under Section 934 (previously Section 24 of the 2003 Act), as set out in Section 4 of the Consultation Paper.


The proposed Regulations have been drafted to reflect the provisions of the Companies Act 2014, as amended, and to amend the operation of the S934 investigation process to improve its effectiveness and to enable investigations to be conducted and concluded in a more efficient manner.


IAASA welcomes comments and views from stakeholders and interested parties by 5pm on 13th December 2019.