Companies Act 2014

904.

Objects of Supervisory Authority

904. (1) The principal objects of the Supervisory Authority which are to be included in its memorandum of association are to—

(a) supervise how the prescribed accountancy bodies regulate and monitor their members,

(b) promote adherence to high professional standards in the auditing and accountancy profession,

(c) monitor whether the financial statements or accounts of certain classes of companies and other undertakings comply with this Act (or, as the case may be, this Act as applied by F292 [ the 2019 Qualifying Partnerships Regulations ]) and, where applicable, Article 4 of the F293 [ IAS Regulation, ]

(d) act as a specialist source of advice to the Minister on auditing and accounting F293 [ matters, and ]

F294 [ (e) oversee statutory auditors and the conduct of statutory audits in accordance with the relevant provisions and perform functions under those provisions in relation to such oversight. ]

(2) Nothing in this section prevents or restricts the inclusion in that memorandum of association of all objects and powers, consistent with this Chapter, that are reasonable, necessary or proper for, or incidental or ancillary to, the due attainment of those principal objects.

Annotations

Amendments:

F292

Substituted (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 4(c), in effect as per reg. 1(2), (3).

F293

Substituted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 15(a) and (b), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.

F294

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 18, S.I. No. 366 of 2018.

Editorial Notes:

E107

Previous affecting provision: subs. (1)(e) inserted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 15(c), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143; substituted as per F-note above.