Companies Act 2014 section 1566

Grounds for refusing request for investigation

Section 1566 sets out the circumstances in which the Supervisory Authority (IAASA) or a recognised accountancy body may refuse a request from another EU Member State's authority to carry out an investigation into a statutory auditor or audit firm.

• A request for investigation from another Member State may be refused if complying would adversely affect the sovereignty, security or public order of the State, as provided for under the EU Audit Directive.
• Refusal is also permitted where court proceedings have already been initiated in Ireland against the same auditor or audit firm in respect of the same actions covered by the request.
• A request may likewise be refused where a final determination has already been made by the Supervisory Authority or a recognised accountancy body regarding the same actions and the same auditor or firm.
• A recognised accountancy body must consult IAASA before refusing any such request, and both IAASA and the accountancy body must notify the requesting authority of the reasons for any refusal.