Companies Act 2014 section 919

Reserve fund

Section 919 deals with the establishment, maintenance, and funding of the reserve fund held by the Irish Auditing and Accounting Supervisory Authority (IAASA), including the sources of money paid into the fund and the Minister's power to set and amend limits on its size.

• The reserve fund originally created under the Companies (Auditing and Accounting) Act 2003 continues in existence and is maintained by IAASA, subject to any limit set by the Minister
• Each financial year, IAASA must set aside an appropriate portion of its revenue from government grants and levies on prescribed accountancy bodies for the reserve fund
• Amounts paid into the fund also include sums received by IAASA from disciplinary interventions, investigations into breaches of standards, and sanctions imposed on statutory auditors
• If the total amount in the reserve fund is likely to exceed the Minister's specified limit in any financial year, IAASA must promptly notify the Minister