Authority Activities

Memberships

In addition to the performance of its core supervisory and advisory functions, IAASA also participates on an ongoing basis in the following fora in the furtherance of its statutory remit:

European Group of Auditor Oversight Bodies (EGAOB), a body established under the auspices of the European Commission;
European Enforcement Co-ordination Sessions (EECS), a forum established under the auspices of the Committee of European Securities Regulators (CESR) for the purpose of developing a common approach to the enforcement of IAS/IFRS across the European Union;
Accounting Standards Board (ASB). IAASA has permanent observer status at the ASB, which is a subsidiary body of the UK Financial Reporting Council (FRC), and is responsible for setting financial reporting standards applicable in the UK and Ireland.
Company Law Review Group (CLRG). The CLRG is a statutory body charged with advising the Minister for Enterprise, Trade & Employment on the review and development of company law in Ireland;
Auditing Practices Board (APB). IAASA has permanent observer status at the APB which is the independent body responsible for setting auditing and ethical standards for auditors in the UK and Ireland;
International Forum of Independent Audit Regulators (IFIAR). IAASA is a founding member of IFIAR, which was established during 2006 to foster communication and co-operation between international audit regulators.

Application for Recognised Body Status

The Authority is currently examining an application for Recognised Body status.

Promotional Activity

Authority staff regularly deliver information presentations on the role and functions of the Authority and associated matters to interested parties.

Interim Board Activities

Prior to establishment of the Authority on a statutory basis, the Interim Board:

completed the examination of an application for continued Recognised status from the Institute of Incorporated Public Accountants (IIPA) and made recommendations in that regard to the Minister for Trade & Commerce;
completed a major exercise of examining three accountancy bodies (AIA, CIMA and CIPFA) with a view to making recommendations to the Minister for Trade & Commerce as to whether, on commencement of the relevant provisions, they should be prescribed under the Act, thereby bringing them within the remit of the Authority;
completed a major consultative exercise with the accountancy profession and other interested parties in the context of the development of the Authority’s first Work Programme;
completed a consultative exercise with the nine accountancy bodies on the issue of the funding of the Authority and, as a result, secured unanimous agreement to a model for facilitating the apportionment of the respecting bodies’ contributions to the Authority’s funding (the Act provides that the prescribed accountancy bodies are required to provide 60% of the Authority’s ongoing funding);
secured Ministerial approval for the Authority’s programme of expenditure and staff complement;
worked closely with the Department of Enterprise, Trade & Employment on the matter of the timing and sequencing of the commencement of relevant provisions of the 2003 Act;
completed the procurement and fit out of the Authority’s premises.