Companies Act 2014 section 918

Funding in respect of functions of Supervisory Authority under certain regulations

Section 918 deals with the power of the Irish Auditing and Accounting Supervisory Authority to impose levies on statutory auditors and audit firms that audit or provide sustainability reporting assurance for public-interest entities, and how the proceeds of those levies may be used.

• The Supervisory Authority may impose one or more annual levies on statutory auditors and audit firms that audit or carry out sustainability reporting assurance for public-interest entities, subject to the Minister's consent and a written cap set by the Minister on the total amount collectible in any financial year.
• Levy proceeds may only be used to meet the Authority's costs in performing its oversight functions under EU Regulation 537/2014 or the Companies Act 2014 in relation to statutory auditors of public-interest entities or the assurance of sustainability reporting of such entities.
• The Authority must establish criteria for apportioning the levy among auditors and firms, obtain Ministerial approval for those criteria before imposing the levy, and specify the payment date — meaning different auditors and firms may end up paying different amounts.
• Where an individual statutory auditor carries out an audit or sustainability reporting assurance on behalf of an audit firm, the levy falls on the firm rather than the individual, and if a levy remains unpaid the Authority can recover it through the courts as a simple contract debt.