Companies Act 2014 section 1494

Quality assurance by Supervisory Authority of statutory audit of public-interest entities and third-country auditors, etc.

Section 1494 requires the Supervisory Authority to establish quality assurance systems for the statutory audit of public-interest entities and for registered third-country auditors and audit entities, and sets out the scope and transparency of those systems.

• The Supervisory Authority must put in place a quality assurance system in accordance with Article 26 of EU Regulation 537/2014.
• A quality assurance system must also be established for registered third-country auditors and third-country audit entities covered by this part of the Act or by EU Regulation 537/2014.
• The general organisational rules for quality assurance in Sections 1496 and 1497 do not apply to the statutory audit of entity and group financial statements of public-interest entities, unless EU Regulation 537/2014 specifies otherwise.
• The Supervisory Authority may publish the findings and conclusions of individual quality assurance inspections on its website.