Companies Act 2014

F632 [ Rotation - reports by statutory auditor and audit firm in case of public-interest entities

1549.

1549. (1) If there is uncertainty as to the date on which a statutory auditor or audit firm began carrying out consecutive statutory audits for a public-interest entity (including due to firm mergers, acquisitions, or changes in ownership structure), the statutory auditor or audit firm shall immediately report (in accordance with Article 17(8) of Regulation (EU) No 537/2014 and in such form and manner as the Supervisory Authority specifies) such uncertainty to the Supervisory Authority.

(2) On receipt of a report in the form specified in subsection (1) , the Supervisory Authority shall

(a) determine the relevant date for the purposes of that subsection, or

(b) request additional information from the statutory auditor or audit firm before making a decision referred to in paragraph (a) .

(3) Where the Supervisory Authority, on receipt of a report, considers that it requires additional information from the statutory auditor or audit firm or public-interest entity before making a decision under subsection (2)(a) , it shall

(a) give notice of that to the statutory auditor or audit firm or public-interest entity within 2 weeks after the receipt of the report, and

(b) set out, in the notice, the additional information required by the Supervisory Authority.

(4) On receipt of a response to the notice from the statutory auditor or audit firm or public-interest entity containing the additional information referred to in subsection (3) , the Supervisory Authority shall

(a) determine the relevant date for the purposes of subsection (1) , and

(b) provide reasons for its decision to the statutory auditor or audit firm and public-interest entity. ]

Annotations

Amendments:

F632

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