Companies Act 2014 section 1579

Certain fees chargeable by Supervisory Authority

Section 1579 sets out the powers of the Supervisory Authority (IAASA) to charge fees to third-country auditors and third-country audit entities for registration, oversight, quality assurance, and related disciplinary activities.

• The Supervisory Authority may, with the Minister's consent, impose annual fees on third-country auditors and audit entities to cover reasonable administrative costs of registration and oversight functions
• Fee levels and criteria must be submitted to the Minister for approval before being imposed, both initially and whenever amendments are proposed
• Fees for oversight, quality assurance, investigation and discipline may be charged on an interim basis — before, during and after the relevant function is performed — and must be calculated against defined cost criteria including location, staffing, expertise and the nature of findings
• Where a statutory auditor carried out an audit on behalf of a statutory audit firm, the fees are imposed on the firm rather than the individual auditor, and unpaid fees may be recovered as a simple contract debt through the courts

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