The Companies Act 2014 requires third-country auditors/audit entities to notify IAASA no later than one month after the event of any change to the information contained in the public register relating to them.

Applications for updates to or changes in information on the public register should be submitted to IAASA using update Form B-U(IE) along with the relevant annexes. Update form can be found here

Please ensure that the form and related annexes are fully completed within one month and signed as required and that all supporting documentation is included.

The EU can issue Commission Decisions where, for a transitional period, certain third-country auditors and audit entities are exempt for a transitional period from meeting all the requirements of ‘full’ registration (the article 45 of Audit Directive registrations) and can apply for transitional registration instead. This is relevant only for third-country auditors/audit entities whose home jurisdiction has been listed by a Commission Decision as being eligible. If you believe you or your firm are eligible for transitional registration and intend to issue an audit report for a relevant audit client then please contact IAASA at thirdcountry@iaasa.ie

The public register is maintained by the Companies Registration Office and is available here. When IAASA approves a registration, updates a registration or amends the information in relation to an existing registration, we submit the register to the Companies Registration Office.

A network is defined in Article 2(7) of the EU audit Directive (Directive 2006/43/EU as amended) as the larger structure:

• Which is aimed at cooperation and to which a statutory auditor or an audit firm belongs, and

• Which is clearly aimed at profit or cost sharing or shares common ownership, control or management, common quality control policies and procedures, a common business strategy, the use of a common brand name or a significant part of professional resources.

Third-country auditors and third-country audit entities must register with IAASA in advance of providing an audit report concerning the accounts of a relevant audit client. Where an audit report is provided by a non-registered third-country auditor/audit entity (who is required to be registered in Ireland) that audit report has no legal effect in Ireland.

A relevant audit client is an audit client of the third-country audit firm. It is a company incorporated outside the EU/EEA and which has transferrable securities admitted to trading on a regulated market in Ireland. The issuers within article 2(1) of Directive 2004/109/EC are included except the following which the law specifically excludes:

The company issuing exclusively debt securities within the meaning of article 2(1)(c) of Directive 2004/109/EC and these debt securities were admitted to trading in Ireland on or after 31 December 2010 and have a denomination per unit of at least €100,000 (or equivalent to this value at date of issue if a different currency), or

The company issues exclusively debt securities within the meaning of article 2(1)(c) of Directive 2004/109/EC and these debt securities were admitted to trading in Ireland before 31 December 2010 and have a denomination per unit of at least €50,000 (or equivalent to this value at date of issue if a different currency), or

The company issues exclusively units issued by collective investment undertakings that are not closed-end types, or units acquired or deposited of in such collective investment undertakings within the meaning of Article 1 (2) of Directive 2004/109/EC

If a third-country audit entity is uncertain whether its client is a relevant audit client it may need to consider seeking legal advice. IAASA cannot provide such advice.

Third-country audit entities that intend to provide an audit report concerning the accounts or consolidated accounts of a relevant audit client are required to register as third-country audit entities in Ireland. Each third-country auditor responsible for audits of the firm’s relevant audit clients is also required to apply to be included on the public register of third-country auditors.

The initial registration form (Form B(IE) and Form B-1-6 (IE) Annexes ) includes a list of information requirements for all applicants. The forms are located here.

The annual renewal form (AR Form B (IE) and annexes) includes a list of the information required at annual renewal time. The annual renewal forms are located here.

The update to registrations form (Form B-U (IE) and Form B-U-1-6 Annexes) includes a list of the information required for updates to the information on the public register. The forms are located here.

Question 6 on the application form (Form B (IE)) and question 6 on the update form (Form B-U (IE)) includes details of the requirements for each member of the administrative or management body of the firm. It also requires confirmation that the majority of this body hold a qualification that meets the requirements of the EU directive.

Question 12 on the application form and question 9 on the update form includes additional requirements relating to the good repute of the members of this body. This includes a declaration by the firm that all the members of the body are of good repute. It also includes requirements regarding letters of good standing from the accountancy body where the individual is a member and its home regulator as well as a declaration (on Form B-8(IE)) from the member themselves regarding their good repute.

Annex Form B-4(IE) is also required to be completed and submitted (Annex Form B-U-4(IE) for updates).

Question 7 on the application form (Form B) and question 7 on the update form Form B-U includes details of the requirements for each new third-country auditor seeking registration in Ireland.

Question 12 on the application form and question 9 on the update form includes additional requirements relating to the good repute of the firm’s third-country auditors seeking registration in Ireland. This includes a declaration by the firm that all the third-country auditors to be registered are of good repute. It also includes requirements regarding letters of good standing from the accountancy body where the individual is a member and its home regulator as well as a declaration (on Form B-8(IE)) from the auditor themselves regarding their good repute.

Annex Form B-5(IE)  and annex Form B-6(IE) are also required to be completed and submitted by the firm ( Annex Form B-U-5 (IE) and Annex Form B-U-6 for updates)

IAASA will accept the use of independence requirements in accordance with the IFAC Code of Ethics or with the Ethical Standard for Auditors (Ireland).  Where these are not used, we will consider the basis of acceptability of the requirements otherwise applied by the third-country audit entity. Acceptance of those requirements is without prejudice to any decision by the EU regarding independence requirements used by third-country auditors and audit entities.

IAASA will accept the use of International Standards on Auditing (ISAs) or the International Standards on Auditing (Ireland). Where these are not used, we will consider the basis of acceptability of the standards otherwise applied by the third-country audit entity. The EU can make a decision to adopt the ISAs or a decision regarding the equivalence of third-country auditing standards. IAASA’s acceptance of standards is without prejudice to any decision by the EU third-country.

Yes. The total fee is €4,500 payable annually. This consists of the annual registration assessment fee of €4,000 plus the annual registration fee of €500. Details of these fees and of how to make payment to IAASA are included on the registration form Form B and on the annual renewal of registration form AR Form B.

For any additional questions about third-country audit registration in Ireland please email IAASA at thirdcountry@iaasa.ie

Once approved a third-country auditor’s/audit entity’s registration is valid for 12 months from the date of IAASA’s approval of the registration. To continue its registration in Ireland after the 12 month period the auditor/audit entity must submit an annual renewal of registration application along with all the required documentation and fees. These must be submitted to IAASA in advance of the renewal date to ensure that the audit entity/auditor remains on the public register of third-country auditors in Ireland.

If a third-country auditor/audit entity ceases to be responsible for any audits of relevant audit clients they should notify IAASA to be removed from the public register of third-country auditors in Ireland.

Applications for renewal of registration as a third-country auditor/audit entity in Ireland should be submitted to IAASA. Application forms can be found here

Please ensure that the forms are fully completed and signed as required, all supporting documentation is included and the relevant fees are paid. Failure to provide all required information and documentation and the relevant fee by the renewal date can result in the third-country audit entity and its third-country auditors registration being removed.

The annual renewal forms and process deal only with the renewal of the information previously provided to IAASA for registration purposes. If a third-country auditor/audit entity is seeking to change or update any of the information on the public register then additional information and documentation is required (see our FAQ dealing with changes to the information contained in the public register)

Applications for initial registration as a third-country auditor/audit entity in Ireland should be submitted to IAASA. Application forms can be found here. All forms must be fully completed and signed as required, all supporting  documentation is included and the relevant fees are paid before a third country auditor/audit entity will be put on the register.

No. Statutory audits in Ireland can only be carried out by statutory auditors/audit firms approved in Ireland. These parties are approved and registered in Ireland by Recognised Accountancy Bodies. Registration as a third-country auditors/audit entities in Ireland is approved by IAASA and permits the registered party to provide audit reports for relevant third-country audit clients only.

No. The registration process, described in these FAQs, is restricted to third country auditors/audit entities who are subject to systems of public oversight, quality assurance, and investigations and penalties equivalent to those in the EU legislation. The EU Commission, following assessments (as referred to in article 46 of the EU Audit Directive) of the applicable systems has deemed a number of third countries and territories as having relevant systems equivalent to those set out in the EU Directive 2006/43/EC (as amended).

In rare circumstances, in the absence of a decision by the EC, IAASA may make an assessment of equivalence.

Yes. There is currently no single registration for third-country auditors/audit entities across the EU. If the third-country auditor/audit entity intends to issue audit reports to a relevant audit client listed on an Irish regulated market then registration in Ireland is a requirement.

The legislation in Ireland (based on EU law) requires certain third-country auditors and audit firms to apply for registration in Ireland with IAASA.

The Companies Act 2014 (‘the Act’) transposed the EU statutory audit directive 2006/43/EC (as amended) and EU Regulation 537/2014 into Irish law. The Act includes the regulatory framework relating to third-country auditors and third-country audit entities inclusion on a public register and to be subject to certain levels of regulation.

In Ireland IAASA is the competent authority responsible for the registration of third-country auditors and audit entities that are required to seek this registration. The Companies Registration Office is responsible for the maintenance of the Register. The public register can be found here