Companies Act 2014 section 1571

Joint inspections

Section 1571 authorises the Irish Auditing and Accounting Supervisory Authority (IAASA) to participate in joint inspections of audit firms alongside competent authorities from non-EU countries, where those countries have been recognised as adequate under EU law.

• IAASA may exercise its quality assurance and inspection functions as part of joint inspections with approved non-EU audit regulators.
• Joint inspections are permitted under the EU Commission Implementing Decision 2016/1156, which recognises the adequacy of US audit oversight authorities.
• Joint inspections may also take place under any other Commission Implementing Decision made under Article 47(3) of the EU Audit Directive that recognises the adequacy of a non-EU country's audit authorities.
• IAASA's power to participate in joint inspections may cover the full scope or only part of its inspection functions under section 905(2)(n)(iii).