Companies Act 2014 section 1557

Obligation of Supervisory Authority or recognised accountancy body to gather information

Section 1557 requires the Supervisory Authority or a recognised accountancy body to act promptly when gathering information requested by a counterpart authority in another EU Member State, and to communicate any delays along with the reasons for those delays.

• When a request for information is received from a counterpart authority in another Member State, the Supervisory Authority or recognised accountancy body must take the necessary steps to gather the required information without undue delay.
• If the requested information cannot be supplied promptly, the authority or body must notify the requesting counterpart authority of the delay.
• The notification must include the reasons for the delay in supplying the information.
• This obligation supports the broader framework of cross-border cooperation between EU Member States on matters relating to statutory audits.