European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 [S.I. No. 312 of 2016]

	Introductory Text
	Part 1 Preliminary Matters (regs. 1-4)
	Regulation 1 Citation, commencement and construction
	Regulation 2 Revocation and savings
	Regulation 3 Application
	Regulation 4 Interpretation - general
	Part 2 Amendment of Companies Act 2014 (regs. 5-31)
	Regulation 5 Definition
	Regulation 6 Amendment of section 2 of Principal Act
	Regulation 7 Amendment of section 35 of Principal Act
	Regulation 8 Amendment of section 322 of Principal Act
	Regulation 9 Amendment of section 336 of Principal Act
	Regulation 10 Amendment of section 337 of Principal Act
	Regulation 11 Amendment of section 380 of Principal Act
	Regulation 12 Amendment of section 390 of Principal Act
	Regulation 13 Amendment of section 394 of Principal Act
	Regulation 14 Amendment of section 900 of Principal Act
	Regulation 15 Amendment of section 904 of Principal Act
	Regulation 16 Amendment of section 905 of Principal Act
	Regulation 17 Amendment of section 906 of Principal Act
	Regulation 18 Amendment of section 907 of Principal Act
	Regulation 19 Amendment of section 918 of Principal Act
	Regulation 20 Amendment of section 919 of Principal Act
	Regulation 21 Amendment of section 930 of Principal Act
	Regulation 22 Amendment of section 932 of Principal Act
	Regulation 23 Supplemental provisions in relation to section 934 (including as concerns its relationship to provisions of 2016 Audits Regulations)
	Regulation 24 Amendment of Principal Act
	Regulation 25 Amendment of section 938 of Principal Act
	Regulation 26 Amendment of section 941 of Principal Act
	Regulation 27 Application to court to confirm decision to impose relevant sanction
	Regulation 28 Amendment of section 1097 of Principal Act
	Regulation 29 Amendment of section 1305 of Principal Act
	Regulation 30 Amendment of section 1441 of Principal Act
	Regulation 31 Amendment of section 1448 of Principal Act
	Part 3 Designation of Competent Authority and Assignment of Functions (regs. 32-36)
	Regulation 32 Designation of competent authority
	Regulation 33 Assignment of functions
	Regulation 34 Annual audit programme and activity report
	Regulation 35 Operation of certain provisions with regard to particular recognised accountancy bodies
	Regulation 36 Conflicts of interest to be avoided
	Part 4 Approval of Statutory Auditors and Audit Firms, Prohibition on Unapproved Persons Acting as Auditor, etc. (regs. 37-56)
	Chapter 1 Approval of Statutory Auditors and Audit Firms (regs. 37-48)
	Regulation 37 Applications for approval, general principle as to good repute, etc.
	Regulation 38 Basis on which audit firms approved in other Member States may carry out audits in State
	Regulation 39 Restriction as to persons who may carry out statutory audits
	Regulation 40 Restriction on acting as statutory auditor
	Regulation 41 Restriction on acting as statutory audit firm
	Regulation 42 Offence for contravening Regulation 39, 40 or 41
	Regulation 43 Conditions for approval as statutory auditor
	Regulation 44 Transitional provisions
	Regulation 45 Appropriate qualification for purpose of Regulation 43(a)
	Regulation 46 Conditions for approval as statutory audit firm
	Regulation 47 Powers of Director of Corporate Enforcement
	Regulation 48 Evidence in prosecutions under Regulation 47
	Chapter 2 Aptitude Test (regs. 49-51)
	Regulation 49 Aptitude test to be passed
	Regulation 50 Scope of aptitude test
	Regulation 51 Adequate standards to be applied in administration of aptitude test
	Chapter 3 Withdrawal of approval (regs. 52-56)
	Regulation 52 Grounds for mandatory withdrawal of approval in case of statutory auditor
	Regulation 53 Grounds for mandatory withdrawal in case of statutory audit firm
	Regulation 54 Appeals against withdrawal of approval
	Regulation 55 Certain persons to be notified of withdrawal of approval
	Regulation 56 Other persons to be notified of withdrawal of approval
	Part 5 Standards and Provisions Applicable to Statutory Auditors and Audit Firms (regs. 57-83)
	Chapter 1 Appointment of Statutory Auditors or Audit Firms (regs. 57-61)
	Regulation 57 Prohibition of contractual clauses restricting choice of auditors
	Regulation 58 Selection procedures for statutory auditors or audit firms by public-interest entities
	Regulation 59 Appointment of statutory auditors or audit firms by public-interest entities - informing the Supervisory Authority
	Regulation 60 Removal of statutory auditors or audit firms by public-interest entities - supplementary provisions
	Regulation 61 Directors' report to include date of last appointment of statutory auditor or audit firm
	Chapter 2 Standards for Statutory Auditors (regs. 62-66)
	Regulation 62 Continuing education
	Regulation 63 Professional ethics
	Regulation 64 Independence, objectivity and professional scepticism
	Regulation 65 Standards for purposes of Regulations 62 to 64
	Regulation 66 Arrangements for enforcement of standards
	Chapter 3 Confidentiality and Professional Secrecy (regs. 67-76)
	Regulation 67 Rules of confidentiality to apply
	Regulation 68 Supplemental provisions in relation to Regulation 67
	Regulation 69 Saving
	Regulation 70 Rules of confidentiality in relation to entities in third countries
	Regulation 71 Incoming statutory auditor or audit firm to be afforded access to information
	Regulation 72 Access by recognised accountancy body to audit documents
	Regulation 73 Access by Supervisory Authority to information and documents held by recognised accountancy bodies or relevant persons
	Regulation 74 Professional privilege
	Regulation 75 No liability for acts done in compliance with Regulations
	Regulation 76 Restriction of section 940 of Companies Act 2014
	Chapter 4 Auditing Standards and Audit Reporting (regs. 77-81)
	Regulation 77 Auditing standards to be applied
	Regulation 78 Audit of group accounts - responsibility of group auditor
	Regulation 79 Further responsibility of group auditor
	Regulation 80 Additional report to audit committee
	Regulation 81 Auditors' reporting obligations under Article 12 of Regulation (EU) No 537/2014
	Chapter 5 Record keeping (reg. 82)
	Regulation 82 Record keeping
	Chapter 6 Objectivity (reg. 83)
	Regulation 83 Future viability
	Part 6 Public Register (regs. 84-90)
	Regulation 84 Public register
	Regulation 85 Notification of information to Registrar of Companies
	Regulation 86 Prohibition on certain acts unless registered
	Regulation 87 Obligation of statutory auditor or audit firm to notify certain information
	Regulation 88 Information must be signed
	Regulation 89 Removal of third-country auditor or audit entity registered in accordance with Regulation 135 from public register
	Regulation 90 Language of information to be entered in public register
	Part 7 Independence (regs. 91-106)
	Regulation 91 Requirement for independence - general
	Regulation 92 Professional scepticism
	Regulation 93 Prohibited relationships - specific provisions to secure independence
	Regulation 94 Prohibited relationships - financial or beneficial interest
	Regulation 95 Prohibited relationships - mergers and acquisitions
	Regulation 96 Threats to independence and other information to be recorded
	Regulation 97 Preparation for statutory audit and assessment of threats to independence
	Regulation 98 Internal organisation of statutory auditors and audit firms
	Regulation 99 Organisation of work of statutory auditors and audit firms
	Regulation 100 Organisation of work of statutory auditors and audit firms - audit files
	Regulation 101 Restrictions with regard to fees
	Regulation 102 Rotation of key audit partner in cases of public-interest entities
	Regulation 103 Moratorium on taking up certain positions in audited entities
	Regulation 104 Rotation of statutory auditor and audit firms in case of public-interest entities - extension
	Regulation 105 Rotation - reports by statutory auditor and audit firm in case of public-interest entities
	Regulation 106 Provision of certain prohibited non-audit services by auditors of public-interest entities
	Part 8 Quality Assurance of Statutory Auditors and Audit Firms (regs. 107-114)
	Chapter 1 Quality Assurance (regs. 107-111)
	Regulation 107 Quality assurance by Supervisory Authority of statutory audit of public-interest entities and third-country auditors, etc.
	Regulation 108 System of quality assurance to be put in place
	Regulation 109 Organisation of quality assurance system
	Regulation 110 Quality assurance review deemed to include individual auditors in certain cases
	Regulation 111 Right of recognised accountancy body as regards professional discipline
	Chapter 2 Investigations and Sanctions (regs. 112-114)
	Regulation 112 System of investigation and penalties
	Regulation 113 Duty of each recognised accountancy body with regard to sanctions
	Regulation 114 Scope of penalties and publicity in relation to their imposition
	Part 9 Audit Committees (reg. 115)
	Regulation 115 Audit committees for public-interest entities
	Part 10 Regulatory Arrangements Between Member States (regs. 116-133A)
	Chapter 1 Cooperation with other Member States (regs. 116-129)
	Regulation 116 Specific requirements with regard to cooperation
	Regulation 117 Confidentiality of information
	Regulation 118 Supplemental provisions in relation to Regulation 117
	Regulation 119 Obligation to supply information required for certain purposes and saving concerning confidential information
	Regulation 120 Obligation of Supervisory Authority or recognised accountancy body to gather information
	Regulation 121 Application of Regulation 117 to certain information
	Regulation 122 Requesting authority to be notified if its request not complied with
	Regulation 123 Grounds for refusing request for information
	Regulation 124 Use to which information may be put
	Regulation 125 Counterpart authority to be notified of non-compliance with Audit Directive and Regulation (EU) No 537/2014
	Regulation 126 Counterpart authority may be requested to carry out investigation
	Regulation 127 Duty of Supervisory Authority or recognised accountancy body to take certain action
	Regulation 128 Due consideration to be given to counterparty's request for investigation
	Regulation 129 Grounds for refusing request for investigation
	Chapter 2 Mutual Recognition of Regulatory Arrangements between Member States (reg. 130)
	Regulation 130 Mutual recognition of regulatory arrangements between Member States
	Chapter 3 Transfer of Working Papers to Third-country Competent Authorities (regs. 131-133A)
	Regulation 131 Transfer of audit documentation to third-country competent authority
	Regulation 132 Derogation from Regulation 132 in exceptional cases
	Regulation 133 Particulars of working arrangements to be notified
	Regulation 133A
	Part 11 Third-Country Auditors (regs. 134-141)
	Chapter 1 International Aspects (reg.134)
	Regulation 134 Approval of third-country auditor
	Chapter 2 Registration and Oversight of Third-country Auditors and Audit Entities (regs. 135-141)
	Regulation 135 Registration of third-country auditors and audit entities
	Regulation 136 Exemption from quality assurance
	Regulation 137 Audit by non-registered auditor or audit entity - consequence
	Regulation 138 Conditions for registration of third-country auditor or audit entity
	Regulation 139 Supervisory Authority may assess matter of equivalence for purposes of Regulation 138(2)(c)
	Regulation 140 Certain fees chargeable by Supervisory Authority
	Regulation 141 Exemptions in case of equivalence
	Part 12 Miscellaneous (regs. 142-144)
	Regulation 142 Summary proceedings
	Regulation 143 Savings for disciplinary proceedings in being
	Regulation 144 Amendment of Irish Collective Asset-management Vehicles Act 2015
	Schedule 1 Standards relating to training and qualifications for approval of individual as statutory auditor
	Schedule 2 Information required, by Part 6, to be Supplied and Entered in Public Register
	Given under
	Explanatory Note