Companies Act 2014 section 1492

Standards for purposes of sections 1489 to 1491

Section 1492 requires recognised accountancy bodies to adopt adequate standards for statutory auditors and audit firms covering continuing education, professional ethics, and independence, and to have those standards approved by the Supervisory Authority before use.

• Recognised accountancy bodies must set adequate standards requiring statutory auditors and audit firms to comply with obligations on continuing education, professional ethics, and independence and objectivity (as set out in sections 1489 to 1491).
• Bodies must also put in place effective arrangements to monitor and enforce compliance with those standards.
• No standards may be used for this purpose unless they have first been approved by the Irish Auditing and Accounting Supervisory Authority (IAASA) under its approval powers.
• The approval requirement ensures consistent oversight and that the standards applied by professional bodies meet the regulatory expectations set by the Supervisory Authority.