Irish Auditing and Accounting Supervisory Authority
| Údarás Maoirseachta Iniúchta agus Cuntasaíochta na hÉireann | |
| Statutory office overview | |
|---|---|
| Formed | 2003 |
| Jurisdiction | Government of Ireland |
| Statutory office executives |
|
| Parent department | Department of Enterprise, Tourism and Employment |
| Website | iaasa |
The Irish Auditing and Accounting Supervisory Authority (IAASA) (Irish: Údarás Maoirseachta Iniúchta agus Cuntasaíochta na hÉireann) is the government body in charge of supervising and regulating accounting and auditing in the Republic of Ireland. It was created by statute as a state company in 2003.
History
The agency was established by the Companies (Auditing and Accounting) Act 2003.[1] The act defined the authority's role as the supervision of prescribed accountancy bodies, the promotion of high professional standards in accountancy and auditing, the monitoring of certain companies for compliance with the act, the oversight of statutory auditing, and the provision of advice to the Minister for Enterprise, Trade and Employment.[2] The authority is also empowered to recognise accountancy bodies in Ireland. Before the 2003 Act, independent accountancy bodies had no external oversight over the proceedings and membership.[3]
The authority assumed direct responsibility for supervising the audits of public interest entities, including banks, insurers and publicly traded companies after the passing of the European Union (Statutory Audits) Regulations 2016.[4] This responsibility includes issuing fines and reprimands.[5] Since 2020, the authority has published the results of these audits.[6]
The authority may apply to the High Court for declarations of non-compliance and remedial orders for companies that fail to comply with the 2003 Act.
The authority's membership includes prescribed accountancy bodies, the Director of Corporate Enforcement, the Revenue Commissioners, the Central Bank of Ireland, and the Irish Stock Exchange. The authority is governed by a board of no more than nine directors. The accountancy bodies, other designated bodies, and the Minister for Enterprise, Tourism and Employment may each nominate two directors to the board.[7] At present, the chief executive is Kevin Prendergast and the chair of the board is Aisling Kennedy.[8] It has an estimated budget of €5 million drawn from the Central Fund and fees paid by the accountancy bodies.[6]
See also
References
- ^ "Companies (Auditing and Accounting) Act 2003". electronic Irish Statute Book (eISB). Archived from the original on 2024-06-14. Retrieved 2025-10-26.
- ^ Companies Act 2014: 2021 Edition. Bloomsbury Publishing. 2021-06-29. p. 904. ISBN 978-1-5265-2128-6.
- ^ Samad, Mahmud (2013-01-01). Court Applications Under the Companies Acts. A&C Black. pp. 1211–1213. ISBN 978-1-78043-222-9.
- ^ "S.I. No. 312/2016 - European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016". electronic Irish Statute Book (eISB). Archived from the original on 2025-07-16. Retrieved 2025-10-26.
- ^ Brennan, Joe. "Irish Auditing and Accounting Supervision Authority fines accountants over BDO audit of reinsurer". The Irish Times. Retrieved 2025-10-26.
- ^ a b "Irish auditor regulator struggling due to size of international finance sector here". Business Post. Retrieved 2025-10-26.
- ^ Hutchinson, Brian (2017-02-03). Keane on Company Law. Bloomsbury Publishing. ISBN 978-1-5265-0162-2.
- ^ "Board of Directors". IAASA. Retrieved 2025-10-26.