Supervisory Authority
The Irish Auditing and Accounting Supervisory Authority, established under the Companies Act 2014, oversees prescribed accountancy bodies and monitors adherence to professional standards. It grants recognition to such bodies and supervises their disciplinary procedures.
The Authority’s governance involves appointment by the Minister, with representation from accountancy bodies and other entities. Its funding comes from government grants and levies on accountancy bodies and certain companies.
The Authority maintains accounts, produces annual reports, and is subject to oversight by Dáil Éireann committees. It may recognise accountancy bodies and investigate breaches of their standards, imposing sanctions when necessary.
Direct investigations into breaches can be initiated by the Authority, with powers to compel testimony and sanction non-compliance. Appeals against Authority decisions are permitted, and the court may confirm, modify, or annul its rulings. Legal professional privilege is respected during proceedings.
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