Companies Act 2014 section 905

Functions of Supervisory Authority

Section 905 sets out the wide-ranging functions and responsibilities of the Irish Auditing and Accounting Supervisory Authority (IAASA) in overseeing accountancy bodies, statutory auditors, and the development of auditing, accounting, and sustainability reporting standards.

• IAASA grants recognition to accountancy bodies, sets terms and conditions for that recognition, and can require changes to their regulatory plans, constitutions, bye-laws, and disciplinary procedures.
• IAASA investigates and sanctions both prescribed accountancy bodies (for non-compliance with approved procedures) and individual statutory auditors (for breaches of professional standards or relevant legislation).
• IAASA oversees the approval, registration, continuing education, quality assurance, and disciplinary systems for statutory auditors, and monitors auditor independence and the audit services market for public-interest entities.
• IAASA cooperates with EU Member State authorities and the Committee of European Auditing Oversight Bodies (CEAOB) to achieve convergence in auditor qualification requirements, aptitude tests, and oversight of public-interest entity audits.