Companies Act 2014 section 930

Recognition of body of accountants

Section 930 sets out how the Supervisory Authority (IAASA) may formally recognise accountancy bodies, the criteria those bodies must satisfy, which bodies are automatically recognised, and the ongoing obligations attached to recognition.

• The Supervisory Authority may grant written recognition to an accountancy body provided it is satisfied that the body meets required standards for training, qualifications, ethics, independence, quality assurance, and disciplinary procedures, including in relation to sustainability reporting assurance.
• Three bodies — the Association of Chartered Certified Accountants, the Institute of Chartered Accountants in Ireland, and the Institute of Certified Public Accountants in Ireland — are automatically deemed to have been granted recognition and authorised to perform all statutory audit and sustainability reporting functions.
• A recognised body may only perform regulatory functions relating to statutory audit (Part 27) or sustainability reporting (Part 28) if its recognition document specifically states that it is authorised to do so.
• Recognition is not granted once and forgotten: a recognised body must continue to meet the Supervisory Authority's criteria throughout the entire period of its recognition, and any body may request in writing that its recognition be revoked.

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