Companies Act 2014

F545[Designation of competent authority

930A.

930A. (1) Subject to subsection (2), the Supervisory Authority is designated as the competent authority for the oversight of statutory auditors in accordance with the Audit Directive and Regulation (EU) No 537/2014.

(2) Subject to subsection (4), the F546[Corporate Enforcement Authority] is designated as the competent authority for the purpose of imposing relevant sanctions (within the meaning of F547[section 944Z]) on relevant directors.

(3) The Supervisory Authority is designated as the competent authority for the purposes of public oversight, quality assurance (if applicable), investigations and penalties of third-country auditors and third-country audit entities (within the meaning of Part 27) registered under section 1573(1).

(4) (a) Subject to paragraph (b), to the extent that the F546[Corporate Enforcement Authority is a competent authority by virtue of subsection (2), a reference in this Chapter (other than this section) and Part 27 to the Supervisory Authority shall include a reference to the Corporate Enforcement Authority].

(b) The Supervisory Authority shall perform the functions under this Chapter and Part 27 that would, but for this subsection, otherwise fall to be performed by the F546[Corporate Enforcement Authority] by virtue of subsection (2).

(c) The F546[Corporate Enforcement Authority] shall cooperate with the Supervisory Authority so as to enable the Supervisory Authority to perform the functions referred to in paragraph (b).

(5) The Supervisory Authority shall, as soon as is practicable on or after the commencement of section 27 of the Companies (Statutory Audits) Act 2018, publish on its website information on the designation of competent authorities effected by this section between the Supervisory Authority and the F546[Corporate Enforcement Authority].]

Annotations

Amendments:

F545

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 27, S.I. No. 366 of 2018.

F546

Substituted (6.07.2022) by Companies (Corporate Enforcement Authority) Act 2021 (48/2021), s. 12(1) and sch. 2 ref. nos. 269-273, S.I. No. 335 of 2022.

F547

Substituted (6.07.2022) by Companies (Corporate Enforcement Authority) Act 2021 (48/2021), s. 6, S.I. No. 335 of 2022.