Companies Act 2014 section 1526

Auditing standards to be applied

Section 1526 deals with the auditing standards that statutory auditors and audit firms must follow when carrying out statutory audits, including the role of the Supervisory Authority in adopting and supplementing those standards.

• The Supervisory Authority adopts the auditing standards that statutory auditors and audit firms must apply when conducting statutory audits, and once the European Commission adopts international auditing standards, those standards become mandatory.
• The Supervisory Authority may prescribe additional audit procedures or requirements by regulation, but only where these are needed to comply with Irish legal requirements on the scope of statutory audits or to enhance the credibility and quality of financial statements.
• For small companies, the Supervisory Authority may allow a proportionate application of auditing standards, scaled to match the size and complexity of such companies' activities.
• The term "standards" in this context covers not only auditing standards but also standards on professional ethics and internal quality control.