Companies Act 2014 section 1476

Aptitude test to be passed

Section 1476 sets out the requirement for Member State and third-country auditors to pass an aptitude test in order to gain approval as statutory auditors in Ireland, together with the circumstances in which an exemption may apply and the fees that may be charged.

• Member State and third-country auditors must generally pass an aptitude test demonstrating knowledge of Irish audit law and practice before being approved as statutory auditors in the State.
• The aptitude test requirement may be waived where a recognised accountancy body is satisfied that the auditor has otherwise demonstrated sufficient knowledge, guided by criteria issued by the Supervisory Authority.
• A recognised accountancy body may charge the auditor a fee, set periodically by the Minister, to cover its administrative expenses in relation to the aptitude test.
• Any unpaid fee may be recovered as a simple contract debt through any court of competent jurisdiction, and transitional fee amounts from the 2016 Audits Regulations continue to apply until the Minister specifies a different amount.