Companies Act 2014 section 1564

Duty of Supervisory Authority or recognised accountancy body to take certain action

Section 1564 requires the Supervisory Authority or a recognised accountancy body to act on notifications from other EU member states about audit-related breaches, and to report back on the outcome of any action taken.

• When a notification is received from another EU member state's cooperation entity or counterpart authority indicating that activities contrary to the Audit Directive or EU Regulation No 537/2014 are occurring in Ireland, appropriate action must be taken
• The notifying entity or authority must be informed of the outcome of the action taken, and kept updated on significant developments in the meantime where possible
• A recognised accountancy body must also notify the Supervisory Authority whenever it takes action in response to such a notification
• The recognised accountancy body must keep both the original notifying body and the Supervisory Authority informed of the outcome and any significant interim developments