Companies Act 2014 section 1461

Interpretation (Part 27 and Schedules 19 and 20)

Section 1461 sets out the definitions and interpretive rules that apply throughout Part 27 of the Companies Act 2014 and its associated Schedules 19 and 20, which together govern the framework for statutory audits in Ireland.

• The section defines key participants in the statutory audit regime, including statutory auditors, statutory audit firms, Member State auditors, and third-country auditors, as well as the bodies that oversee them such as the Supervisory Authority and counterpart authorities in other Member States.
• It identifies the categories of entity subject to enhanced audit requirements as "public-interest entities", namely companies with securities traded on a regulated market, credit institutions, insurance undertakings, and any other entities so designated by law.
• Important technical terms are defined, including "statutory audit" (an audit required by EU or national law), "auditing standards" (standards adopted by the Supervisory Authority), "audit working papers" (all material prepared or obtained in connection with performing an audit), and "financial year" (which has different meanings depending on whether it relates to an audited entity or to an auditor's own business).
• Where a term used in Part 27 or Schedules 19 and 20 also appears in the EU Audit Directive or in Regulation (EU) No 537/2014, that term carries the same meaning as it has in the relevant EU instrument, ensuring consistency with European legislation.