Companies Act 2014

F323 [ Operation of certain provisions with regard to particular recognised accountancy bodies

930C.

930C. (1) Section 1461 applies to the interpretation of this section as it applies to the interpretation of Part 27 .

(2) This section applies where the provision referred to in subsection (3) , (4) , (5) or (6) uses the expression recognised accountancy body without qualification and that provision does not, by its express terms, itself indicate which recognised accountancy body is being referred to.

(3) A provision of the relevant provisions that confers a function on a recognised accountancy body in relation to a statutory auditor or audit firm shall be read as conferring that function

(a) in the case of a statutory auditor who is not a member of a statutory audit firm, on the recognised accountancy body of which the statutory auditor is a member,

(b) in the case of a statutory auditor who is a member of a statutory audit firm, on the recognised accountancy body of which the statutory audit firm is a member, and

(c) in the case of a statutory audit firm, on the recognised accountancy body of which the statutory audit firm is a member.

(4) With regard to the function conferred by section 1464 on a recognised accountancy body in relation to an individual or firm, subsection (3) applies as if, for each reference in that subsection to a statutory auditor or audit firm, as the case may be, there were substituted a reference to the individual or firm, as appropriate.

(5) A provision of the relevant provisions requiring that an act is to be done, or enabling an act to be done, by a person (other than a person referred to in subsection (6)(b) ) in relation to a recognised accountancy body shall be read as requiring or enabling it to be done by the person in relation to

(a) if the person is not a member of a statutory audit firm, the recognised accountancy body of which the person is a member,

(b) if the person is a member of a statutory audit firm, the recognised accountancy body of which the statutory audit firm is a member, and

(c) if the person is a statutory audit firm, the recognised accountancy body of which the statutory audit firm is a member.

(6) Subsection (7) applies in the case

(a) of a provision of the kind referred to in subsection (3) , (4) or (5) , and

(b) where the provision falls to be applied to a Member State auditor, a Member State audit firm, a third-country auditor (within the meaning of Part 27 ) or any other person who is not a member of a recognised accountancy body (or, as the case may be, the firm of which the person is a member is not a member of a recognised accountancy body).

(7) The recognised accountancy body that shall perform the function concerned or, as the case may be, in relation to which the act concerned is required or enabled to be done shall be determined

(a) by reference to arrangements in writing entered into by the recognised accountancy bodies amongst themselves for the purpose (which arrangements those bodies are empowered by this subsection to enter into), or

(b) in default of

(i) such arrangements being entered into, or

(ii) the provision of such arrangements dealing with the particular case falling to be determined,

by the Supervisory Authority.

(8) On a determination being made by the Supervisory Authority for the purposes of subsection (7)(b) , a direction in writing, reflecting the terms of the determination, shall be given by it (which direction the Supervisory Authority is empowered by this subsection to give).

(9) Arrangements shall not be entered into under subsection (7)(a) by the recognised accountancy bodies save after consultation by them with the Supervisory Authority.

(10) Subject to subsection (11) , if in consequence of the operation of this section, the function of withdrawal of a particular approval of a statutory auditor or audit firm falls to be discharged by a recognised accountancy body (in this section referred to as the first-mentioned accountancy body ) that is different from the recognised accountancy body (in this section referred to as the second-mentioned accountancy body ) that granted the approval

(a) the first-mentioned accountancy body shall notify in writing the second-mentioned accountancy body of the proposal by it to withdraw the approval, and

(b) the second-mentioned accountancy body shall provide such assistance by way of provision of information or clarification of any matter, to the first-mentioned accountancy body, as the latter considers it may require so as to inform itself better on any issue bearing on the performance of the function of withdrawal.

(11) The procedures adopted for the purposes of subsection (10) by the first-mentioned accountancy body and the second-mentioned accountancy body shall be such as will

(a) avoid any unnecessary delay in the performance of the function of withdrawal, and

(b) respect the requirements of procedural fairness as concerns the auditor or audit firm concerned being able to answer any part of the case made against him or her that is informed by those procedures being employed.

(12) In a case falling within subsections (10) and (11) , if the approval concerned is withdrawn, the first-mentioned accountancy body, in addition to making the notifications required by section 1482 and (where it applies) section 1483 , shall notify the second-mentioned accountancy body of the withdrawal of approval. ]

Annotations

Amendments:

F323

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 27, S.I. No. 366 of 2018.