European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010.

• Statutory Instrument No.: 220/2010
• Published date: 25 May 2010

PART 1

Preliminary and General

1. Citation and construction

2. Application

3. Interpretation

PART 2

Miscellaneous Amendments — Amendments of Preliminary and General Nature, Amendments Adapting Certain Provisions of Companies Acts in Consequence of Directive, Etc.

4. Amendment of Principal Act

5. Amendment of Companies (Amendment) Act 1986

6. Amendment of section 187 of Act of 1990

7. Amendment of section 188 of Act of 1990

8. Amendment of section 189 of Act of 1990

9. Amendment of section 190 of Act of 1990

10. Amendment of section 191 of Act of 1990

11. Amendment of section 192 of Act of 1990

12. Amendment of section 198 of Act of 1990

13. Amendment of sections 199 and 200 of Act of 1990

14. Amendments of Act of 2003

15. Revocation of certain secondary legislation

PART 3

Designation of competent authorities

16. Designation of competent authorities and meaning of “competent authority” and related expressions

17. Operation of provisions with regard to particular recognised accountancy bodies

18. Conflicts of interest to be avoided

PART 4

Approval of Statutory Auditors and Audit Firms, Prohibition on Unapproved Persons Acting as Auditor, etc.

Chapter 1

Approval of Statutory Auditors and Audit Firms

19. Applications for approval, general principle as to good repute, etc.

20. Restriction as to the persons who may carry out statutory audits

21. Restriction on acting as statutory auditor

22. Restriction on acting as statutory audit firm

23. Offence for contravening Regulation 20, 21 or 22

24. Conditions for approval as statutory auditor

25. Transitional provision — deemed approval of persons qualified for appointment pursuant to Part X of Act of 1990

26. Appropriate qualification for purpose of Regulation 24(a)

27. Conditions for approval as statutory audit firm and transitional provision

28. Powers of Director of Corporate Enforcement

29. Evidence in prosecutions under Regulation 23

Chapter 2

Aptitude Test

30. Aptitude test to be passed

31. Scope of aptitude test

32. Adequate standards to be applied in administration of aptitude test

Chapter 3

Withdrawal of approval

33. Grounds for mandatory withdrawal in case of statutory auditor

34. Grounds for mandatory withdrawal in case of statutory audit firm

35. Appeals against withdrawal of approval

36. Amendment of section 24 of Act of 2003 to clarify relationship between powers thereunder and powers under these Regulations

37. Certain persons to be notified of withdrawal

38. Other persons to be notified of withdrawal

PART 5

Standards and provisions applicable to statutory auditors and audit firms

Chapter 1

Standards for statutory auditors and audit firms

39. Continuing education

40. Professional ethics

41. Independence and objectivity

42. Standards for purposes of Regulations 39 to 41

43. Arrangements for enforcement of standards

Chapter 2

Confidentiality and Professional Secrecy

44. Rules of confidentiality to apply

45. Supplemental provisions in relation to Regulation 44

46. Saving

47. Incoming statutory auditor or audit firm to be afforded access to information

48. Access by competent authority to audit documents

49. Access by competent authority with supervisory and other functions to documents in possession of competent authority

50. Professional privilege

51. No liability for acts done in compliance with Regulations

52. Restriction of section 31 of Act of 2003

53. Further amendment of section 31 of Act of 2003

Chapter 3

Auditing Standards and Audit Reporting

54. International auditing standards to be applied

55. Audit of group accounts — responsibility of group auditor

56. Further responsibility of group auditor

57. Amendment of section 193 of Act of 1990

Chapter 4

Transparency report

58. Transparency report

59. Contents of transparency report — general

60. Publication of transparency report

61. Specific requirements in relation to contents of transparency report

Chapter 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

62. Amendment of Principal Act with regard to removal of auditors

PART 6

Public Register

63. Public register

64. Notification of information to competent authority with registration functions

65. Prohibition on certain acts unless registered

66. Obligation of statutory auditor or audit firm to notify certain information

67. Information must be signed

68. Transitional provision

69. Language of information to be entered in register

PART 7

Independence

70. Requirement for independence — general

71. Prohibited relationships — specific provisions to secure independence

72. Additional requirements in case of public-interest entities

73. Threats to independence and other information to be recorded

74. Non-intervention by certain persons in execution of audit

75. Restrictions with regard to fees

76. Additional reporting and other requirements in case of public-interest entities

77. Rotation of key audit partner in cases of public-interest entities

78. Moratorium on taking up management position in audited public-interest entity

PART 8

Public Oversight and Quality Assurance of Statutory Auditors and Audit Firms

Chapter 1

Public Oversight

79. Amendment of section 10 of Act of 2003

80. System of public oversight — responsibility of competent authority with supervisory and other functions

81. Further amendments of Act of 2003

Chapter 2

Quality Assurance

82. Competent authority with supervisory and other functions to engage in oversight of quality assurance

83. System of quality assurance to be put in place

84. Organisation of quality assurance system

85. Quality assurance review deemed to include individual auditors in certain cases

86. Right of competent authority as regards professional discipline

Chapter 3

Systems of investigations and penalties

87. System of investigation and penalties

88. Duty of each competent authority with regard to sanctions

89. Scope of penalties and publicity in relation to their imposition

90. Further amendment of section 24 of Act of 2003

PART 9

Audit Committees

91. Audit committees in respect of public-interest entities

PART 10

Regulatory arrangements between Member States

Chapter 1

Cooperation with other Member States

92. Cooperation with other Member States

93. Specific requirements with regard to cooperation

94. Confidentiality of information

95. Supplemental provisions in relation to Regulation 94

96. Obligation to supply information required for certain purposes and saving concerning confidential information

97. Obligation of competent authority to gather information

98. Application of Regulation 94 to certain information

99. Requesting authority to be notified if its request not complied with

100. Grounds for refusing request for information

101. Use to which information may be put

102. References in Regulations 103 to 105 to counterpart authority

103. Counterpart authority to be notified of non-compliance with Directive

104. Counterpart authority may be requested to carry out investigation

105. Duty of competent authority to take certain action

106. Due consideration to be given to counterparty’s request for investigation

107. Grounds for refusing request for investigation

Chapter 2

Mutual recognition of regulatory arrangements between Member States

108. Article 34 of the Directive — clarification of preceding Regulations’ effect

Chapter 3

Transfer of working papers to third-country competent authorities

109. Transfer of audit documentation to third-country competent authority

110. Derogation from Regulation 109 in exceptional cases

111. Particulars of working arrangements to be notified

PART 11

Third-Country Auditors

Chapter 1

International Aspects

112. Approval of third-country auditor

Chapter 2

Registration and oversight of third-country auditors and audit entities

113. Registration of third-country auditors and audit entities

114. Application of Part 8 to registered third-country auditors and audit entities

115. Audit by non-registered auditor or audit entity — consequence

116. Conditions for registration of third-country auditor or audit entity

117. Competent authority with supervisory and other functions may assess matter of equivalence for purposes of Regulation 116(iv) in certain circumstances

118. Certain fees chargeable by competent authority with supervisory and other functions

119. Exemptions in case of equivalence

PART 12

Miscellaneous

120. Disclosure of auditors’ remuneration, etc. in accounts

121. Saving for disciplinary proceedings in being

SCHEDULE 1

Information required, by Part 6, to be supplied and entered in Public Register

SCHEDULE 2

Standards relating to training and qualifications for approval of natural person as statutory auditor

S.I. No. 220 of 2010

EUROPEAN COMMUNITIES (STATUTORY AUDITS) (DIRECTIVE 2006/43/EC) REGULATIONS 2010

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 25th May, 2010.

I, BATT O’KEEFFE, Minister for Enterprise, Trade and Innovation, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972), and for the purpose of giving effect to Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006, hereby make the following regulations:

PART 1 Preliminary and General

Citation and construction

1. (1) These Regulations may be cited as the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010.

(2) These Regulations shall be read as one with the Companies Acts.

Application

2. Save where otherwise provided, these Regulations apply—

(a) in so far as...