As provided for by its founding legislation (for further details click here), 40% of IAASA’S funding is provided by the Exchequer (via the Department of Jobs, Enterprise & Innovation). The remaining 60% is provided jointly by the prescribed accountancy bodies, way of a mandatory annual levy. The size of the levy allocated to each individual prescribed accountancy body is determined by an apportionment model agreed by the bodies and approved by the Board of the Authority and the Minister for Jobs, Enterprise & Innovation respectively.
The Authority is required to maintain a Reserve Fund for the purposes of funding certain investigative and/or enforcement actions should the need arise. The Reserve Fund is funded by the Exchequer and by the levies on the prescribed accountancy bodies outlined above. In addition, fine income is credited to the Reserve Fund.
Under the Transparency (Directive 2004/109/EC) Regulations, IAASA has been designated as the competent authority for the purposes of Article 24(4)(h) of the EU Transparency Directive. This makes IAASA responsible for monitoring the periodic financial reporting of certain entitles whose securities are listed on a regulated market in the EU and for taking appropriate enforcement action in cases of infringement. This function is fully Exchequer funded (via the Department of Jobs, Enterprise & Innovation).
Obligations under the Statutory Audits Directive (S.I. 312 of 2016 - European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016) are funded by way of levy on firms provided audit services to Public Interest Entities ('PIE Audit Firms'). The size of the levy allocated to each PIE Audit Firm is determined by an apportionment model agreed by the firms and approved by the Board of the Authority and the Minister for Jobs, Enterprise & Innovation respectively.