Table of Contents
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 TextPart 1 Preliminary Matters (regs. 1-4)Regulation 1 Citation, commencement and constructionRegulation 2 Revocation and savingsRegulation 3 ApplicationRegulation 4 Interpretation - generalPart 2 Amendment of Companies Act 2014 (regs. 5-31)Regulation 5 DefinitionRegulation 6 Amendment of section 2 of Principal ActRegulation 7 Amendment of section 35 of Principal ActRegulation 8 Amendment of section 322 of Principal ActRegulation 9 Amendment of section 336 of Principal ActRegulation 10 Amendment of section 337 of Principal ActRegulation 11 Amendment of section 380 of Principal ActRegulation 12 Amendment of section 390 of Principal ActRegulation 13 Amendment of section 394 of Principal ActRegulation 14 Amendment of section 900 of Principal ActRegulation 15 Amendment of section 904 of Principal ActRegulation 16 Amendment of section 905 of Principal ActRegulation 17 Amendment of section 906 of Principal ActRegulation 18 Amendment of section 907 of Principal ActRegulation 19 Amendment of section 918 of Principal ActRegulation 20 Amendment of section 919 of Principal ActRegulation 21 Amendment of section 930 of Principal ActRegulation 22 Amendment of section 932 of Principal ActRegulation 23 Supplemental provisions in relation to section 934 (including as concerns its relationship to provisions of 2016 Audits Regulations)Regulation 24 Amendment of Principal ActRegulation 25 Amendment of section 938 of Principal ActRegulation 26 Amendment of section 941 of Principal ActRegulation 27 Application to court to confirm decision to impose relevant sanctionRegulation 28 Amendment of section 1097 of Principal ActRegulation 29 Amendment of section 1305 of Principal ActRegulation 30 Amendment of section 1441 of Principal ActRegulation 31 Amendment of section 1448 of Principal ActPart 3 Designation of Competent Authority and Assignment of Functions (regs. 32-36)Regulation 32 Designation of competent authorityRegulation 33 Assignment of functionsRegulation 34 Annual audit programme and activity reportRegulation 35 Operation of certain provisions with regard to particular recognised accountancy bodiesRegulation 36 Conflicts of interest to be avoidedPart 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 StateRegulation 39 Restriction as to persons who may carry out statutory auditsRegulation 40 Restriction on acting as statutory auditorRegulation 41 Restriction on acting as statutory audit firmRegulation 42 Offence for contravening Regulation 39, 40 or 41Regulation 43 Conditions for approval as statutory auditorRegulation 44 Transitional provisionsRegulation 45 Appropriate qualification for purpose of Regulation 43(a)Regulation 46 Conditions for approval as statutory audit firmRegulation 47 Powers of Director of Corporate EnforcementRegulation 48 Evidence in prosecutions under Regulation 47Chapter 2 Aptitude Test (regs. 49-51)Regulation 49 Aptitude test to be passedRegulation 50 Scope of aptitude testRegulation 51 Adequate standards to be applied in administration of aptitude testChapter 3 Withdrawal of approval (regs. 52-56)Regulation 52 Grounds for mandatory withdrawal of approval in case of statutory auditorRegulation 53 Grounds for mandatory withdrawal in case of statutory audit firmRegulation 54 Appeals against withdrawal of approvalRegulation 55 Certain persons to be notified of withdrawal of approvalRegulation 56 Other persons to be notified of withdrawal of approvalPart 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 auditorsRegulation 58 Selection procedures for statutory auditors or audit firms by public-interest entitiesRegulation 59 Appointment of statutory auditors or audit firms by public-interest entities - informing the Supervisory AuthorityRegulation 60 Removal of statutory auditors or audit firms by public-interest entities - supplementary provisionsRegulation 61 Directors' report to include date of last appointment of statutory auditor or audit firmChapter 2 Standards for Statutory Auditors (regs. 62-66)Regulation 62 Continuing educationRegulation 63 Professional ethicsRegulation 64 Independence, objectivity and professional scepticismRegulation 65 Standards for purposes of Regulations 62 to 64Regulation 66 Arrangements for enforcement of standardsChapter 3 Confidentiality and Professional Secrecy (regs. 67-76)Regulation 67 Rules of confidentiality to applyRegulation 68 Supplemental provisions in relation to Regulation 67Regulation 69 SavingRegulation 70 Rules of confidentiality in relation to entities in third countriesRegulation 71 Incoming statutory auditor or audit firm to be afforded access to informationRegulation 72 Access by recognised accountancy body to audit documentsRegulation 73 Access by Supervisory Authority to information and documents held by recognised accountancy bodies or relevant personsRegulation 74 Professional privilegeRegulation 75 No liability for acts done in compliance with RegulationsRegulation 76 Restriction of section 940 of Companies Act 2014Chapter 4 Auditing Standards and Audit Reporting (regs. 77-81)Regulation 77 Auditing standards to be appliedRegulation 78 Audit of group accounts - responsibility of group auditorRegulation 79 Further responsibility of group auditorRegulation 80 Additional report to audit committeeRegulation 81 Auditors' reporting obligations under Article 12 of Regulation (EU) No 537/2014Chapter 5 Record keeping (reg. 82)Regulation 82 Record keepingChapter 6 Objectivity (reg. 83)Regulation 83 Future viabilityPart 6 Public Register (regs. 84-90)Regulation 84 Public registerRegulation 85 Notification of information to Registrar of CompaniesRegulation 86 Prohibition on certain acts unless registeredRegulation 87 Obligation of statutory auditor or audit firm to notify certain informationRegulation 88 Information must be signedRegulation 89 Removal of third-country auditor or audit entity registered in accordance with Regulation 135 from public registerRegulation 90 Language of information to be entered in public registerPart 7 Independence (regs. 91-106)Regulation 91 Requirement for independence - generalRegulation 92 Professional scepticismRegulation 93 Prohibited relationships - specific provisions to secure independenceRegulation 94 Prohibited relationships - financial or beneficial interestRegulation 95 Prohibited relationships - mergers and acquisitionsRegulation 96 Threats to independence and other information to be recordedRegulation 97 Preparation for statutory audit and assessment of threats to independenceRegulation 98 Internal organisation of statutory auditors and audit firmsRegulation 99 Organisation of work of statutory auditors and audit firmsRegulation 100 Organisation of work of statutory auditors and audit firms - audit filesRegulation 101 Restrictions with regard to feesRegulation 102 Rotation of key audit partner in cases of public-interest entitiesRegulation 103 Moratorium on taking up certain positions in audited entitiesRegulation 104 Rotation of statutory auditor and audit firms in case of public-interest entities - extensionRegulation 105 Rotation - reports by statutory auditor and audit firm in case of public-interest entitiesRegulation 106 Provision of certain prohibited non-audit services by auditors of public-interest entitiesPart 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 placeRegulation 109 Organisation of quality assurance systemRegulation 110 Quality assurance review deemed to include individual auditors in certain casesRegulation 111 Right of recognised accountancy body as regards professional disciplineChapter 2 Investigations and Sanctions (regs. 112-114)Regulation 112 System of investigation and penaltiesRegulation 113 Duty of each recognised accountancy body with regard to sanctionsRegulation 114 Scope of penalties and publicity in relation to their impositionPart 9 Audit Committees (reg. 115)Regulation 115 Audit committees for public-interest entitiesPart 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 cooperationRegulation 117 Confidentiality of informationRegulation 118 Supplemental provisions in relation to Regulation 117Regulation 119 Obligation to supply information required for certain purposes and saving concerning confidential informationRegulation 120 Obligation of Supervisory Authority or recognised accountancy body to gather informationRegulation 121 Application of Regulation 117 to certain informationRegulation 122 Requesting authority to be notified if its request not complied withRegulation 123 Grounds for refusing request for informationRegulation 124 Use to which information may be putRegulation 125 Counterpart authority to be notified of non-compliance with Audit Directive and Regulation (EU) No 537/2014Regulation 126 Counterpart authority may be requested to carry out investigationRegulation 127 Duty of Supervisory Authority or recognised accountancy body to take certain actionRegulation 128 Due consideration to be given to counterparty's request for investigationRegulation 129 Grounds for refusing request for investigationChapter 2 Mutual Recognition of Regulatory Arrangements between Member States (reg. 130)Regulation 130 Mutual recognition of regulatory arrangements between Member StatesChapter 3 Transfer of Working Papers to Third-country Competent Authorities (regs. 131-133A)Regulation 131 Transfer of audit documentation to third-country competent authorityRegulation 132 Derogation from Regulation 132 in exceptional casesRegulation 133 Particulars of working arrangements to be notifiedRegulation 133APart 11 Third-Country Auditors (regs. 134-141)Chapter 1 International Aspects (reg.134)Regulation 134 Approval of third-country auditorChapter 2 Registration and Oversight of Third-country Auditors and Audit Entities (regs. 135-141)Regulation 135 Registration of third-country auditors and audit entitiesRegulation 136 Exemption from quality assuranceRegulation 137 Audit by non-registered auditor or audit entity - consequenceRegulation 138 Conditions for registration of third-country auditor or audit entityRegulation 139 Supervisory Authority may assess matter of equivalence for purposes of Regulation 138(2)(c)Regulation 140 Certain fees chargeable by Supervisory AuthorityRegulation 141 Exemptions in case of equivalencePart 12 Miscellaneous (regs. 142-144)Regulation 142 Summary proceedingsRegulation 143 Savings for disciplinary proceedings in beingRegulation 144 Amendment of Irish Collective Asset-management Vehicles Act 2015Schedule 1 Standards relating to training and qualifications for approval of individual as statutory auditorSchedule 2 Information required, by Part 6, to be Supplied and Entered in Public RegisterGiven underExplanatory Note
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Regulation 139 Supervisory Authority may assess matter of equivalence for purposes of Regulation 138(2)(c)
Revoked from 21 September 2018
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