Companies Act 2014

PART 6

FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT

CHAPTER 1

Preliminary

Annotations:

Modifications (not altering text):

C20

Part applied with modifications (5.12.2018) by Home Building Finance Ireland Act 2018 (28/2018), s. 15, S.I. No. 518 of 2018.

Preparation and audit of statutory financial statements of HBFI and HBFI group entities

15. (1) Part 6 of the Companies Act shall apply to HBFI and any HBFI group entity subject to the modifications specified in subsections (2) to (7).

(2) HBFI and any HBFI group entity shall, not later than 2 months after the end of the financial year to which they relate, submit the statutory financial statements, prepared in accordance with Part 6 of the Companies Act, to the Comptroller and Auditor General for audit.

(3) The Comptroller and Auditor General shall—

(a) audit, and

(b) prepare a report in the form set out in section 336 of the Companies Act on, the statutory financial statements submitted to him or her under subsection (2).

(4) HBFI shall, as soon as practicable after receipt of the report of the Comptroller and Auditor General prepared under subsection (3), present to the Minister a copy of—

(a) the statutory financial statements submitted to the Comptroller and Auditor General under subsection (2), and

(b) the report prepared under subsection (3).

(5) The Minister shall cause a copy of the statutory financial statements and report presented to him or her under subsection (4) to be laid before each House of the Oireachtas as soon as practicable following their presentation.

(6) In relation to HBFI and any HBFI group entity—

(a) a reference to “statutory auditor” in the Companies Act shall include a reference to the Comptroller and Auditor General, and

(b) a reference to “audit of the statutory financial statements” in the Companies Act shall include a reference to the audit of the statutory financial statements by the Comptroller and Auditor General under subsection (3).

(7) Chapters 18, 20 and 21 of Part 6 of the Companies Act shall not apply to the Comptroller and Auditor General in the performance of his or her functions in relation to HBFI, or any HBFI group entity, nor to the audit of the statutory financial statements of HBFI, or any HBFI group entity, by him or her.

(8) In this section, “statutory financial statements” has the same meaning as it has in Part 6 of the Companies Act.

C21

Part applied with modifications (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 28(2), in effect as per reg. 1(2), (3).

Accounting and statutory audit

28. ...

(2) Part 6 of the Companies Act 2014 (No. 38 of 2014) shall apply mutatis mutandis to a payment institution to which that Act does not otherwise apply.

...

C22

Part applied with modifications by European Communities (Electronic Money) Regulations 2011 (S.I. No. 193 of 2011), reg. 19(2), as substituted (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 142(f), in effect as per reg. 1(2), (3).

[ Accounting and statutory audit

19. ...

(2) Part 6 of the Companies Act 2014 (No. 38 of 2014) shall apply mutatis mutandis to an electronic money institution to which that Act does not otherwise apply.

... ]

C23

Certain references construed and application of part extended (24.06.2015) by European Union (Credit Institutions: Financial Statements) Regulations 2015 (S.I. No. 266 of 2015), regs. 3, 4, 5 in effect as per reg. 1(2).

Application of Part 6 of Principal Act to credit institutions

3. (1) The provisions of Part 6 of the Principal Act shall apply to a credit institution except to the extent that they are disapplied or modified by these Regulations.

(2) A reference in the Principal Act to any provision of Part 6 of that Act shall be construed, for the purposes of its application to a credit institution, as a reference to that provision as applied by these Regulations.

(3) A reference in Part 6 of the Principal Act to Schedule 3 to that Act shall be construed, for the purposes of its application to a credit institution, as a reference to Schedule 1 to these Regulations.

(4) A reference in Part 6 of the Principal Act to Schedule 4 to that Act shall be construed, for the purposes of its application to a credit institution, as a reference to Schedule 2 to these Regulations.

Exceptions to disclosure by credit institution under sections 307 to 309 in the case of connected persons and certain officers

4. Sections 310 to 312 of the Principal Act shall apply to a credit institution in the same manner as they apply to a holding company of a credit institution.

Credit institution holding companies

5. (1) Section 293, as it applies by virtue of Regulation 3, of the Principal Act (obligation to prepare group financial statements) shall also apply to a holding company:

(a) which does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiaries; and

(b) whose principal subsidiaries are wholly or mainly credit institutions.

...

C24

Certain references construed and application of part extended (17.06.2015) by European Union (Insurance Undertakings: Financial Statements) Regulations 2015 (S.I. No. 262 of 2015), regs. 3, 4 in effect as per reg. 1(2).

Application of Part 6 of Principal Act to insurance undertakings

3. (1) The provisions of Part 6 of the Principal Act shall apply to an insurance undertaking except to the extent that they are disapplied or modified by these Regulations.

(2) A reference in the Principal Act to any provision of Part 6 of that Act shall be construed, for the purposes of its application to an insurance undertaking, as a reference to that provision as applied by these Regulations.

(3) A reference in Part 6 of the Principal Act to Schedule 3 to that Act shall be construed, for the purposes of its application to an insurance undertaking, as a reference to Schedule 1 to these Regulations.

(4) A reference in Part 6 of the Principal Act to Schedule 4 to that Act shall be construed, for the purposes of its application to an insurance undertaking, as a reference to Schedule 2 to these Regulations.

Application of section 293 (as applied by Regulation 3) of Principal Act to certain undertakings

4. (1) Section 293, as it applies by virtue of Regulation 3, of the Principal Act (obligation to prepare group financial statements) shall also apply to a holding undertaking:

(a) which does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiaries; and

(b) whose principal subsidiaries are wholly or mainly insurance undertakings.

...

Editorial Notes:

E34

Restriction on choice of auditor prohibited (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 57(1), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.

272.

What this Part contains and use of prefixes —“Companies Act” and “IFRS”

272. (1) This Part contains the provisions regarding—

(a) the accounting records to be kept, and the financial statements to be prepared, by companies,

(b) the periodic returns to be made by companies to the Registrar, and

(c) the auditing of financial statements of companies and matters related to the auditing of them and, in particular, the rules governing the appointment of statutory auditors to, and their removal from, office.

(2) Those financial statements shall be prepared in accordance with (as this Part authorises)—

(a) the requirements of F29 [ Schedule 3, 3A, 3B, 4 or 4A , as the case may be, ] and the relevant requirements of this Part, or

(b) international financial reporting standards and the relevant requirements of this Part,

and the prefix—

(i) “Companies Act” is used in references in this Part to financial statements that must comply with the requirements referred to in paragraph (a), and

(ii) “IFRS” is used in references in this Part to financial statements that must comply with the requirements referred to in paragraph (b).

Annotations:

Amendments:

F29

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 10, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.