Companies Act 2014 section 933A

Resolution of suspected non-compliance by agreement – relevant body

Section 933A allows the Irish Auditing and Accounting Supervisory Authority (IAASA) to resolve suspected non-compliance by a relevant body through a voluntary agreement, rather than through formal enquiry proceedings.

• Where IAASA reasonably believes a relevant body has not complied with approved disciplinary procedures or applicable provisions, both parties may voluntarily enter into a binding agreement to resolve the matter
• Agreements may be reached before any formal enquiry begins, after one has started but before completion, or after an enquiry limited to determining sanctions — and may include acceptance of sanctions and payment of enquiry costs
• If the relevant body fails to honour the agreement, IAASA can apply to court to compel compliance or recover any unpaid amounts as a simple contract debt
• IAASA has discretion to publish any such agreement on its website, and the normal appeal provisions under Section 941 do not apply to these agreements