Companies Act 2014


Supplemental provisions in relation to section 934 (including as concerns its relationship to provisions of 2010 Audits Regulations)

F342 [ 935. (1) For the avoidance of doubt, the following matters may, without prejudice to the generality of the provisions of section 934 , be the subject of an investigation by the Supervisory Authority under that section, namely matters

(a) in relation to which a recognised accountancy body has decided not to withdraw a person s approval under F343 [ Part 27 ] as a statutory auditor or audit firm, or

(b) which either

(i) have not been considered by a recognised accountancy body as grounds for the withdrawal of a person s approval under F343 [ that Part ] as a statutory auditor or audit firm, or

(ii) having been considered by it as such grounds, are not considered by it to disclose a prima facie case for proceeding further.

(2) Where

(a) those matters are the subject of such an investigation by the Supervisory Authority, and

(b) a breach of standards is found by the Supervisory Authority,

F343 [ section 934(8) ] shall be read as requiring or enabling (depending on whether the breach of standards found falls within F343 [ Chapters 2 to 4 , or Chapter 8 , of Part 27 ] ) the Supervisory Authority to withdraw the approval under F343 [ that Part ] of the person concerned as a statutory auditor or audit firm.

F343 [ (3) Where such an approval is withdrawn by the Supervisory Authority, section 1479(13) to (15) or, as the case may be, section 1480(13) to (15) , shall, with all necessary modifications, apply to that withdrawal and section 934(11) and (12) shall not apply to that withdrawal. ]

(4) Subsection (2) does not prejudice the imposition, in the circumstances concerned, by the Supervisory Authority of another sanction referred to in F343 [ section 934(8) ] in addition to a withdrawal of approval (where withdrawal of the approval is mandatory under F343 [ Part 27 ] ) or in lieu of a withdrawal of approval (where such withdrawal is not so mandatory).

(5) For the purposes of section 934 , member , in addition to the meaning given to that expression by section 900(1) , includes, in relation to a prescribed accountancy body that is a recognised accountancy body, an individual or firm who or which, though not a member of the recognised accountancy body, is an individual or firm in relation to whom that body may exercise powers under F343 [ Part 27 ] . ]




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. 23, in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.


Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 36, S.I. No. 366 of 2018.