IAASA is responsible for the supervision of the accounting profession in Ireland, comprising 40,030 members of Prescribed Accountancy Bodies (‘PABs’) in business and practice in the State.
IAASA is the competent authority for the oversight of statutory auditors in Ireland, including oversight of the manner in which the five Recognised Accountancy Bodies (‘RABs’) perform the functions assigned to them in law in respect of statutory auditors, namely approval and registration, continuing education, quality assurance systems and investigative and administrative disciplinary systems.
In addition, IAASA has direct responsibility for the inspection of audits of Public Interest Entities (‘PIEs’), comprising entities with securities listed on a regulated market, credit institutions and insurance undertakings. We directly regulate eight auditing and accounting firms in respect of this element of their work.
IAASA is responsible for examining the level of compliance of certain entities’ annual and half-yearly financial reporting with applicable financial reporting standards (in the main International Financial Reporting Standards (‘IFRS’) and Irish Generally Accepted Accounting Practice (‘GAAP’)).
IAASA is responsible for conducting investigations of issues arising from its inspection of the audits of PIEs and referrals from overseas competent authorities. IAASA also has the discretionary power to investigate non-PIE audit matters as well as whether a member of a PAB has complied with that body’s standards. IAASA may also conduct enquiries into whether a prescribed accountancy body has complied with its approved investigation and disciplinary process.
IAASA is responsible for adopting standards on auditing, professional ethics and internal quality control. Auditors are required to carry out statutory audits in accordance with these standards.
IAASA carries out a range of other activities, including registration and oversight of third country auditors, engaging with our peer European and international counterparts, and advising the Minister for Business, Enterprise & Innovation on key auditing and accounting matters.
IAASA’s mission is to contribute to Ireland having a strong regulatory environment in which to do business by supervising and promoting high quality financial reporting, auditing and effective regulation of the accounting profession in the public interest.
IAASA operates with powers and functions granted to it under the Companies Act 2014, and related Statutory Instruments and the EU Audit Regulation. We carry out our work in accordance with values set out by our Board.
Fairness and consistency
Effectiveness and efficiency
Transparency and accountability
Strands and stratagies:
Building on IAASA’s mission and values, we have set out a series of strands and strategies that direct our proposed activities over the next three years 2020-2022. The strands are as follows:
Strand 1: Regulation
Strand 2: Promotion of high standards
Strand 3: Maximising our impact
Further details about the strands and underlying strategies are available in our Work Programme 2020-2022 available here.