Companies Act 2014

930.

Recognition of body of accountants

930. F318 [ (1) Subject to subsection (1A) , the Supervisory Authority may grant recognition in writing to a body of accountants for the purposes of the relevant provisions but may only grant such recognition if satisfied

(a) that the standards relating to training, qualifications and repute required by that body for the approval of a person as a statutory auditor are not less than those specified in Articles 4, 6 to 8 and 10 of the Audit Directive,

(b) as to the standards that body applies to its members in the area of ethics, codes of conduct and practice, independence, professional integrity, auditing and accounting standards, quality assurance, continuing education and investigation and disciplinary procedures,

(c) as to the capacity of the body to institute and apply effective arrangements to ensure compliance with, and the enforcement of, the standards referred to in paragraphs (a) and (b) in relation to its members having regard to the body s ongoing performance, financial soundness, staffing and other relevant resources of the body, and

(d) that the body will effectively perform the Part 27 functions concerned (which may be all of them).

(1A) Subject to sections 931 and 931B , a recognised accountancy body shall not perform a Part 27 function unless the body s recognition under this section states that the body may perform that function. ]

(2) Each of the following:

(a) the Association of Chartered Certified Accountants;

(b) the Institute of Chartered Accountants in Ireland;

(c) the Institute of Chartered Accountants in England and Wales;

(d) the Institute of Chartered Accountants of Scotland;

(e) the Institute of Certified Public Accountants in Ireland;

(f) the Institute of Incorporated Public Accountants;

shall be deemed to have been granted recognition under this section by the Supervisory Authority for the purposes of F319 [ the relevant provisions and, subject to sections 931 and 931B , for such recognition to have stated that each such body may perform each of the Part 27 functions ].

F320 [ (3) A body of accountants granted recognition under subsection (1) or (2) shall continue to satisfy the Supervisory Authority as referred to in subsection (1) for the duration of such recognition.

(4) A body granted recognition under subsection (1) or (2) may make a request in writing to the Supervisory Authority for the Authority to revoke its recognition under section 931 . ]

Annotations

Amendments:

F318

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 26(a), (b), S.I. No. 366 of 2018.

F319

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 26(b), S.I. No. 366 of 2018.

F320

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 26(c), S.I. No. 366 of 2018.

Editorial Notes:

E115

Previous affecting provision: section amended (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. 21, in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143; amendments substituted as per F-note above.