Companies Act 2014 section 1489

Continuing education

Section 1489 establishes a mandatory continuing education requirement as a condition of a statutory auditor's approval to practise.

• Continuing professional education is an automatic condition of every statutory auditor's approval, including those with deemed approvals under transitional provisions.
• The education programmes must maintain the auditor's theoretical knowledge, professional skills and values at a sufficiently high level, with particular emphasis on auditing.
• The Supervisory Authority issues guidelines to recognised accountancy bodies on what constitutes compliance with this continuing education requirement.
• The requirement applies regardless of whether the approval was granted under the current legislation or any predecessor legislation.