Table of Contents
European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations, 2010 [S.I. No. 220 of 2010]Introductory TextPart 1 Preliminary and General (regs. 1-3)Regulation 1 Citation and constructionRegulation 2 ApplicationRegulation 3 InterpretationPart 2 Miscellaneous Amendments - Amendments of Preliminary and General Nature, Amendments Adapting Certain Provisions of Companies Acts in Consequence of Directive, Etc. (regs. 4-15)Regulation 4 Amendment of Principal ActRegulation 5 Amendment of Companies (Amendment) Act 1986Regulation 6 Amendment of section 187 of Act of 1990Regulation 7 Amendment of section 188 of Act of 1990Regulation 8 Amendment of section 189 of Act of 1990Regulation 9 Amendment of section 190 of Act of 1990Regulation 10 Amendment of section 191 of Act of 1990Regulation 11 Amendment of section 192 of Act of 1990Regulation 12 Amendment of section 198 of Act of 1990Regulation 13 Amendment of sections 199 and 200 of Act of 1990Regulation 14 Amendments of Act of 2003Regulation 15 Revocation of certain secondary legislationPart 3 Designation of competent authorities (regs. 16-18)Regulation 16 Designation of competent authorities and meaning of "competent authority" and related expressionsRegulation 17 Operation of provisions with regard to particular recognised accountancy bodiesRegulation 18 Conflicts of interest to be avoidedPart 4 Approval of Statutory Auditors and Audit Firms, Prohibition on Unapproved Persons Acting as Auditor, etc. (regs. 19-38)Chapter 1 Approval of Statutory Auditors and Audit Firms (regs. 19-29)Regulation 19 Applications for approval, general principle as to good repute, etcRegulation 20 Restriction as to the persons who may carry out statutory auditsRegulation 21 Restriction on acting as statutory auditorRegulation 22 Restriction on acting as statutory audit firmRegulation 23 Offence for contravening Regulation 20, 21 or 22Regulation 24 Conditions for approval as statutory auditorRegulation 25 Transitional provision - deemed approval of persons qualified for appointment pursuant to Part X of Act of 1990Regulation 26 Appropriate qualification for purpose of Regulation 24(a)Regulation 27 Conditions for approval as statutory audit firm and transitional provisionRegulation 28 Powers of Director of Corporate EnforcementRegulation 29 Evidence in prosecutions under Regulation 23Chapter 2 Aptitude Test (regs. 30-32)Regulation 30 Aptitude test to be passedRegulation 31 Scope of aptitude testRegulation 32 Adequate standards to be applied in administration of aptitude testChapter 3 Withdrawal of approval (regs. 33-38)Regulation 33 Grounds for mandatory withdrawal in case of statutory auditorRegulation 34 Grounds for mandatory withdrawal in case of statutory audit firmRegulation 35 Appeals against withdrawal of approvalRegulation 36 Amendment of section 24 of Act of 2003 to clarify relationship between powers thereunder and powers under these RegulationsRegulation 37 Certain persons to be notified of withdrawalRegulation 38 Other persons to be notified of withdrawalPart 5 Standards and provisions applicable to statutory auditors and audit firms (regs. 39-62)Chapter 1 Standards for statutory auditors and audit firms (regs. 39-43)Regulation 39 Continuing educationRegulation 40 Professional ethicsRegulation 41 Independence and objectivityRegulation 42 Standards for purposes of Regulations 39 to 41Regulation 43 Arrangements for enforcement of standardsChapter 2 Confidentiality and Professional Secrecy (regs. 44-53)Regulation 44 Rules of confidentiality to applyRegulation 45 Supplemental provisions in relation to Regulation 44Regulation 46 SavingRegulation 47 Incoming statutory auditor or audit firm to be afforded access to informationRegulation 48 Access by competent authority to audit documentsRegulation 49 Access by competent authority with supervisory and other functions to documents in possession of competent authorityRegulation 50 Professional privilegeRegulation 51 No liability for acts done in compliance with RegulationsRegulation 52 Restriction of section 31 of Act of 2003Regulation 53 Further amendment of section 31 of Act of 2003Chapter 3 Auditing Standards and Audit Reporting (regs. 54-57)Regulation 54 International auditing standards to be appliedRegulation 55 Audit of group accounts - responsibility of group auditorRegulation 56 Further responsibility of group auditorRegulation 57 Amendment of section 193 of Act of 1990Chapter 4 Transparency report (regs. 58-61)Regulation 58 Transparency reportRegulation 59 Contents of transparency report - generalRegulation 60 Publication of transparency reportRegulation 61 Specific requirements in relation to contents of transparency reportChapter 5 Duties to notify competent authority with supervisory and other functions in event of cessation of office by statutory auditor or audit firm and restrictions on their removal (reg. 62)Regulation 62 Amendment of Principal Act with regard to removal of auditorsPart 6 Public Register (regs. 63-69)Regulation 63 Public registerRegulation 64 Notification of information to competent authority with registration functionsRegulation 65 Prohibition on certain acts unless registeredRegulation 66 Obligation of statutory auditor or audit firm to notify certain informationRegulation 67 Information must be signedRegulation 68 Transitional provisionRegulation 69 Language of information to be entered in registerPart 7 Independence (regs. 70-78)Regulation 70 Requirement for independence - generalRegulation 71 Prohibited relationships - specific provisions to secure independenceRegulation 72 Additional requirements in case of public-interest entitiesRegulation 73 Threats to independence and other information to be recordedRegulation 74 Non-intervention by certain persons in execution of auditRegulation 75 Restrictions with regard to feesRegulation 76 Additional reporting and other requirements in case of public-interest entitiesRegulation 77 Rotation of key audit partner in cases of public-interest entitiesRegulation 78 Moratorium on taking up management position in audited public-interest entityPart 8 Public Oversight and Quality Assurance of Statutory Auditors and Audit Firms (regs. 79-90)Chapter 1 Public Oversight (regs. 79-81)Regulation 79 Amendment of section 10 of Act of 2003Regulation 80 System of public oversight - responsibility of competent authority with supervisory and other functionsRegulation 81 Further amendments of Act of 2003Chapter 2 Quality Assurance (regs. 82-86)Regulation 82 Competent authority with supervisory and other functions to engage in oversight of quality assuranceRegulation 83 System of quality assurance to be put in placeRegulation 84 Organisation of quality assurance systemRegulation 85 Quality assurance review deemed to include individual auditors in certain casesRegulation 86 Right of competent authority as regards professional disciplineChapter 3 Systems of investigations and penalties (regs. 87-90)Regulation 87 System of investigation and penaltiesRegulation 88 Duty of each competent authority with regard to sanctionsRegulation 89 Scope of penalties and publicity in relation to their impositionRegulation 90 Further amendment of section 24 of Act of 2003Part 9 Audit Committees (reg. 91)Regulation 91 Audit committees in respect of public-interest entitiesPart 10 Regulatory arrangements between Member States (regs. 92-111)Chapter 1 Cooperation with other Member States (regs. 92-107)Regulation 92 Cooperation with other Member StatesRegulation 93 Specific requirements with regard to cooperationRegulation 94 Confidentiality of informationRegulation 95 Supplemental provisions in relation to Regulation 94Regulation 96 Obligation to supply information required for certain purposes and savingconcerning confidential informationRegulation 97 Obligation of competent authority to gather informationRegulation 98 Application of Regulation 94 to certain informationRegulation 99 Requesting authority to be notified if its request not complied withRegulation 100 Grounds for refusing request for informationRegulation 101 Use to which information may be putRegulation 102 References in Regulations 103 to 105 to counterpart authorityRegulation 103 Counterpart authority to be notified of non-compliance with DirectiveRegulation 104 Counterpart authority may be requested to carry out investigationRegulation 105 Duty of competent authority to take certain actionRegulation 106 Due consideration to be given to counterparty's request for investigationRegulation 107 Grounds for refusing request for investigationChapter 2 Mutual recognition of regulatory arrangements between Member States (reg. 108)Regulation 108 Article 34 of the Directive - clarification of preceding Regulations' effectChapter 3 Transfer of working papers to third-country competent authorities (regs. 109-111)Regulation 109 Transfer of audit documentation to third-country competent authorityRegulation 110 Derogation from Regulation 109 in exceptional casesRegulation 111 Particulars of working arrangements to be notifiedPart 11 Third-Country Auditors (regs. 112-119)Chapter 1 International Aspects (reg. 112)Regulation 112 Approval of third-country auditorChapter 2 Registration and oversight of third-country auditors and audit entities (regs. 113-119)Regulation 113 Registration of third-country auditors and audit entitiesRegulation 114 Application of Part 8 to registered third-country auditors and audit entitiesRegulation 115 Audit by non-registered auditor or audit entity - consequenceRegulation 116 Conditions for registration of third-country auditor or audit entityRegulation 117 Competent authority with supervisory and other functions may assess matter of equivalence for purposes of Regulation 116(iv) in certain circumstancesRegulation 118 Certain fees chargeable by competent authority with supervisory and other functionsRegulation 119 Exemptions in case of equivalencePart 12 Miscellaneous (regs. 120-121)Regulation 120 Disclosure of auditors' remuneration, etc. in accountsRegulation 121 Saving for disciplinary proceedings in beingSchedule 1 Information required, by Part 6, to be supplied and entered in Public RegisterSchedule 2 Standards relating to training and qualifications for approval of natural person as statutory auditorGiven underExplanatory Note
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Regulation 35 Appeals against withdrawal of approval
Revoked from 17 June 2016
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