Companies Act 2014 section 930A

Designation of competent authority

Section 930A designates the official authorities responsible for overseeing statutory auditors, including those involved in sustainability reporting assurance, and for imposing sanctions on directors of public interest entities.

• The Supervisory Authority (IAASA) is the main competent authority for overseeing statutory auditors, including those approved to carry out assurance of sustainability reporting, in line with EU audit requirements.
• The Corporate Enforcement Authority is designated as the competent authority for imposing relevant sanctions on relevant directors of public interest entities.
• In practice, the Supervisory Authority performs all the oversight functions, including those nominally assigned to the Corporate Enforcement Authority, with the latter required to cooperate to make this arrangement work.
• The Supervisory Authority must publish on its website details of how these competent authority responsibilities are divided between itself and the Corporate Enforcement Authority.