Companies (Statutory Audits) Act 2018

In short

This law updates the rules for statutory audits of companies, aiming to align Irish law with European Union directives on auditing annual and consolidated accounts. It primarily amends the Companies Act 2014 to reflect these changes.

What it regulates

• The conduct and requirements for statutory audits of companies.
• The definition and approval process for statutory auditors and statutory audit firms.
• The roles and functions of recognized accountancy bodies and the Supervisory Authority in relation to audits.
• Specific requirements for the statutory audit of public-interest entities.

Who it concerns

• Companies that are required to undergo statutory audits.
• Individuals and firms acting as statutory auditors or statutory audit firms.
• Recognized accountancy bodies and the Supervisory Authority.

Key points

• It gives further effect to Directive 2006/43/EC (as amended by Directive 2014/56/EU) on statutory audits.
• It gives further effect to certain provisions of Regulation (EU) No 537/2014 regarding statutory audits of public-interest entities.
• It amends the Companies Act 2014 and other related enactments.
• It repeals several sections of the Principal Act, including sections 344, 935A, 935B, 935C, 935D, 936, 941A, 1441, and 1448.