Companies Act 2014 section 915

Application of money received by Supervisory Authority

Section 915 governs how the Irish Auditing and Accounting Supervisory Authority (IAASA) may spend the money it receives, imposing strict restrictions on what funds can be used for which purposes.

• IAASA may only use money it receives under this Chapter to cover expenses properly incurred in performing its functions under the same Chapter.
• Money set aside for or paid into the reserve fund (under section 919) may only be used to fund IAASA's investigation and enforcement activities under sections 933 and 934.
• No other money received by IAASA may be applied to those investigation and enforcement functions — only reserve fund money may be used for that purpose.
• This ring-fencing ensures that IAASA's disciplinary and investigative work relating to prescribed accountancy bodies is funded exclusively from the designated reserve fund.