Companies Act 2014 section 1573

Registration of third-country auditors and third-country audit entities

Section 1573 sets out the requirements for third-country auditors and third-country audit entities to register annually with the Supervisory Authority before they can provide audit reports on certain undertakings whose securities are traded on an Irish regulated market.

• Third-country auditors and audit entities must register annually on the public register if they intend to audit undertakings incorporated outside the EU whose transferable securities trade on an Irish regulated market, unless an EU Commission equivalence decision is pending or has expired.
• Registration lasts for 12 months from the date it takes effect, and applicants must submit specified information to the Supervisory Authority in the prescribed form at the time of registration.
• The registration requirement does not apply where the undertaking being audited exclusively issues high-denomination debt securities — at least €50,000 per unit for securities admitted to trading before 31 December 2010, or at least €100,000 per unit for those admitted from that date onwards.
• Registered third-country auditors and audit entities must comply with the ongoing notification obligations that apply to domestic statutory auditors, adapted as necessary for the third-country context, and all information submitted must meet the signing requirements of section 1488.