Companies Act 2014 section 904

Objects of Supervisory Authority

Section 904 sets out the principal objects that must be included in the memorandum of association of the Irish Auditing and Accounting Supervisory Authority (IAASA), defining its core mandate and scope of responsibilities.

• IAASA must supervise how prescribed accountancy bodies regulate and monitor their members, and promote adherence to high professional standards in auditing, accountancy and sustainability reporting assurance.
• IAASA is required to monitor whether the financial statements, accounts and, where applicable, sustainability reporting of certain classes of companies and undertakings comply with the Companies Act 2014, the 2019 Qualifying Partnerships Regulations and, if relevant, the IAS Regulation.
• IAASA acts as a specialist adviser to the Minister on auditing, accounting and sustainability reporting assurance matters, and oversees statutory auditors, statutory audits and sustainability reporting assurance.
• The memorandum of association may also include any additional objects and powers that are reasonable, necessary or incidental to achieving these principal objects, provided they are consistent with the relevant chapter of the Act.