Guidelines for the Recognised Accountancy Bodies to apply to their approval and registration function in respect of Statutory Auditors and Audit Firms
The purpose of this document is to set out guidelines for the RABs to apply to their approval and registration function to support the achievement of the following outcomes and to meet the requirements of the Companies Act 2014.
- Only individuals who meet eligibility criteria and are of good repute are approved to perform statutory audit.
- Only firms that meet eligibility criteria and are of good repute are approved as statutory audit firms.
- All statutory auditors and audit firms meet the requirements for approval on an ongoing basis.
- The public register is accurate, contains all information required by law and is updated promptly for any changes.
These guidelines are not intended to replace or override any legislative provisions. They should be read in conjunction with the Companies Act 2014 (the Act), Regulation (EU) No 537/2014 and any section 931 notice, rule or other guideline that IAASA may issue.
Nothing in these guidelines may be construed so as to constrain IAASA from taking action, where it deems it to be appropriate, in respect of a RAB’s organisation of its approval and registration function.
The guidelines are effective from 1 June 2024 and are available at this link