Companies Act 2014 section 1448

Provision in respect of certain discretion afforded by Commission Decision 2011/30/EU

Section 1448 deals with the exercise of discretion allowed under EU Commission Decision 2011/30/EU regarding the adequacy of audit oversight arrangements in certain non-EU countries and the transitional provisions that apply to auditors and audit firms from those countries.

• Where the European Commission has found a non-EU country's audit oversight to be adequate under Decision 2011/30/EU, Ireland may still choose to apply its own regulatory requirements during a transitional period.
• The Irish competent authority (IAASA) may require auditors and audit firms from such countries to register and submit to Irish oversight arrangements, even where the Commission has recognised their home country's systems as adequate.
• This provision allows Ireland to maintain its own standards of audit quality and public interest protection, rather than automatically deferring to the Commission's adequacy finding.
• The section was subsequently amended by SI 312/2016 and the Companies (Statutory Audits) Act 2018, reflecting the evolving EU framework for statutory audits.

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