Companies Act 2014

F575 [ System of investigation and penalties

1499.

1499. (1) Subject to subsection (2) , each recognised accountancy body shall, in respect of those auditors and audit firms in relation to whom, by virtue of section 930C , it may perform functions, institute arrangements to ensure that there are effective systems of investigations and penalties to detect, correct and prevent the inadequate execution of a statutory audit by those statutory auditors and audit firms.

(2) Subsection (1) shall not be construed to empower a recognised accountancy body referred to in that subsection to impose a penalty on a statutory auditor or audit firm of a public-interest entity in the case of a relevant contravention committed by that auditor or audit firm that relates (whether in whole or in part) to that entity. ]

Annotations

Amendments:

F575

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 51, S.I. No. 366 of 2018.