Companies Act 2014 section 1495

System of quality assurance to be put in place

Section 1495 requires each recognised accountancy body to establish and maintain a system of quality assurance for statutory audit work, subject to oversight by the Supervisory Authority.

• The Supervisory Authority oversees the quality assurance system implemented by recognised accountancy bodies
• Each recognised accountancy body must have a quality assurance system in place covering statutory audit activities
• The system must cover audit work carried out by the body's own members acting as statutory auditors or audit firms for entities other than public interest entities
• The system must also cover audit work by non-members who carry out statutory audit functions under the body's remit