Companies Act 2014


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

F571[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 persons approval under F572[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 persons approval under F572[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,

F572[section 934(8)] shall be read as requiring or enabling (depending on whether the breach of standards found falls within F572[Chapters 2 to 4, or Chapter 8, of Part 27]) the Supervisory Authority to withdraw the approval under F572[that Part] of the person concerned as a statutory auditor or audit firm.

F572[(3) Where such an approval is withdrawn by the Supervisory Authority, section 1479(13) to (15) or, as the case may be, section 1480(13) to (15), shall, with all necessary modifications, apply to that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 F572[section 934(8)] in addition to a withdrawal of approval (where withdrawal of the approval is mandatory under F572[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 F572[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.