Companies Act 2014 section 1572

Approval of third-country auditor

Section 1572 sets out the conditions under which a recognised accountancy body may approve an auditor from outside the State (a "third-country auditor") as a statutory auditor, including the requirement for reciprocal arrangements with the auditor's home country.

• A recognised accountancy body may approve a third-country auditor as a statutory auditor, provided the auditor demonstrates compliance with requirements equivalent to the standard approval and qualification rules (sections 1464 and 1472).
• Approval cannot be granted unless reciprocal arrangements are in place with the third country concerned.
• Those reciprocal arrangements must permit an Irish statutory auditor to carry out audits in that third country under its own laws.
• The requirements imposed on an Irish statutory auditor seeking to audit in the third country must be no more onerous than those imposed on the third-country auditor seeking approval here.