Companies Act 2014 section 1553

Specific requirements with regard to cooperation

Section 1553 sets out the specific obligations on Irish regulatory bodies to cooperate with their counterparts in other EU Member States and with relevant European Supervisory Authorities in relation to statutory audit oversight.

• The Supervisory Authority, recognised accountancy bodies, and the Registrar must cooperate with equivalent authorities in other Member States and European Supervisory Authorities to fulfil their respective functions under audit-related laws and regulations.
• These Irish bodies must actively assist their counterparts by exchanging information and cooperating in investigations relating to statutory audits.
• All cooperation obligations are subject to the conditions and limitations set out in section 1552.
• "Counterpart authorities" means bodies in other Member States that perform equivalent functions in areas such as approval, registration, quality assurance, inspection, and discipline of auditors.

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