Pursuant to its powers under section 931(4) of the Companies Act 2014 (‘the Act’), the Irish Auditing and Accounting Supervisory Authority (‘the Authority’) has decided that it is minded to revoke the recognition of the Institute of Chartered Accountants of Scotland (‘ICAS’) granted under S.930 of the Act with effect from 22 December 2021. This would mean that ICAS may no longer authorise individuals or firms as statutory auditors in Ireland or undertake any audit related regulatory functions from 22 December 2021. This decision follows the application by the ICAS to the Authority for revocation of its recognition.
By virtue of the revocation of its recognition, ICAS would no longer be a prescribed accountancy body under the Act and therefore, would no longer come under the remit of the Authority with effect from 22 December 2021.
The Authority welcomes submissions by interested parties in relation to this matter. Such submissions should be made by 5pm on 30 November 2021, by email only, to info@iaasa.ie.