Companies Act 2014 section 1473

Conditions for approval as statutory audit firm

Section 1473 sets out the conditions that a firm must satisfy in order to be eligible for approval as a statutory audit firm, covering the qualifications of its auditors, its ownership structure, and the composition of its management body.

• Every individual who carries out statutory audits in Ireland on behalf of the firm must be an approved statutory auditor.
• The majority of voting rights in the firm must be held by approved statutory auditors or approved audit firms (whether approved in Ireland or another EU Member State), or a combination of both.
• The majority of members of the firm's administrative or management body must likewise be approved statutory auditors or approved audit firms (whether approved in Ireland or another EU Member State), or a combination of both.
• Where the management body has only one or two members, at least one of those members must meet the approval requirement.