Companies Act 2014 section 1464

Applications for approval, general principle as to good repute, etc.

Section 1464 sets out how individuals and firms apply to a recognised accountancy body for approval as statutory auditors or audit firms, and establishes good repute as a fundamental requirement for such approval.

• Individuals and firms may apply to a recognised accountancy body for approval as a statutory auditor or audit firm, but approval can only be granted to applicants who are of good repute
• Third-country auditors may also apply for approval as statutory auditors, following the specific procedures set out in Chapter 20
• Where an applicant is already approved as an auditor or audit firm in another EU Member State, that fact is treated as conclusive proof of good repute unless the relevant authority in that Member State has notified the Irish Supervisory Authority or a recognised accountancy body that there are reasonable grounds to believe the applicant's good repute has been seriously compromised
• Upon granting approval, the recognised accountancy body must assign a unique individual identification number to the newly approved auditor or audit firm and maintain a written record of all such numbers

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