Companies Act 2014 section 1638

Continuing education

Section 1638 sets out the continuing education requirements that statutory auditors must satisfy as a condition of maintaining their approval, particularly in relation to the assurance of sustainability reporting.

• Approved statutory auditors must participate in continuing education programmes to keep their knowledge, skills and values at a sufficiently high level.
• Continuing education must cover theoretical knowledge, professional skills and professional values relevant to the auditor's role.
• There is a particular emphasis on maintaining competence in the assurance of sustainability reporting.
• The Supervisory Authority will issue guidelines to recognised accountancy bodies on what constitutes compliance with these continuing education requirements.