Companies Act 2014

F938[Provision of certain prohibited non-audit services by auditors of public-interest entities


1550. (1) Subject to subsection (2), a statutory auditor or audit firm carrying out the statutory audit of a public-interest entity, or any member of the network to which the statutory auditor or the audit firm belongs, may provide the following non-audit services to the audited entity, to its holding undertaking within the European Union or to its controlled undertakings (within the meaning of point (f) of Article 2(1) of the Transparency (Regulated Markets) Directive as defined in section 1379) within the European Union:

(a) tax services relating to

(i) preparation of tax forms,

(ii) identification of public subsidies and tax incentives where support from the statutory auditor or audit firm in respect of such services is required by law,

(iii) support regarding tax inspections by tax authorities where support from the statutory auditor or audit firm in respect of such inspections is required by law,

(iv) calculation of direct and indirect tax and deferred tax, or

(v) provision of tax advice,

(b) valuation services, including valuations performed in connection with actuarial services or litigation support services.

(2) The non-audit services referred to in subsection (1) may only be provided as specified in that subsection if

(a) they have no direct or have immaterial effect, separately or in the aggregate, on the audited financial statements,

(b) the estimation of the effect on the audited financial statements is comprehensively documented and explained in the additional report to the audit committee, and

(c) the principles of independence set out in this Part are complied with by the statutory auditor or audit firm.

(3) The audit committee or the directors of the public-interest entity, as applicable, shall, at such times as it or they, as the case may be, thinks or think it appropriate to do so, issue guidelines with regard to the non-audit services referred to in subsection (1).]




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