Companies Act 2014

F630 [ Moratorium on taking up certain positions in audited undertakings or public-interest entities

1547.

1547. (1) There shall not be taken up by

(a) a statutory auditor who carries out a statutory audit of an undertaking, or

(b) the key audit partner who carries out, on behalf of an audit firm, a statutory audit of an undertaking,

any of the positions in that undertaking, specified in subsection (2) , before a period of at least one year has elapsed since the day following the end of his or her direct involvement as a statutory auditor or key audit partner from the audit engagement.

(2) The specified positions referred to in subsection (1) are

(a) a key management position in the audited undertaking,

(b) a position on the audit committee, or where such committee does not exist, such body as performs the equivalent functions to the audit committee, of the audited undertaking, or

(c) a non-executive member position of the audited undertaking or a member s position of that undertaking.

(3) There shall not be taken up by

(a) a statutory auditor who carries out a statutory audit of a public-interest entity, or

(b) the key audit partner who carries out, on behalf of an audit firm, a statutory audit of a public-interest entity,

any of the positions in that entity, specified in subsection (4) , before a period of at least 2 years has elapsed since the day following the end of his or her direct involvement as a statutory auditor or key audit partner from the audit engagement.

(4) The specified positions referred to in subsection (3) are

(a) a key management position in the audited entity,

(b) a position on the audit committee, or where such committee does not exist, such body as performs the equivalent functions to the audit committee, of the audited entity, or

(c) a non-executive member position of the audited entity or a member s position of that entity.

(5) Where an employee or partner, other than the key audit partner, of a statutory auditor or audit firm, or any other individual whose services are placed at the disposal or under the control of the statutory auditor or audit firm, and when such employee, partner or other individual is personally approved as a statutory auditor, there shall not be taken up by such employee, partner or other individual any of the positions referred to in subsections (2) and (4) , before a period of at least one year has elapsed since the day following (should such occur) his or her involvement in the statutory audit engagement of that audited undertaking. ]

Annotations

Amendments:

F630

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