Directory of Services

Regulatory & Monitoring Supervision

The Regulatory & Monitoring Supervision Unit is responsible for, inter alia:

• supervising the manner in which the prescribed accountancy bodies regulate their members (including the operation of their admissions, licensing, complaints, investigations, disciplinary and appeals processes);
• supervising the manner in which the recognised accountancy bodies monitor those of their members and member firms authorised to act as auditors under the Companies Acts;
• performing reviews of registered auditors pursuant to section 25 of the Act;
• examining the prescribed accountancy bodies’ regulatory and monitoring plans and annual reports;
• liaising with other countries’ oversight Authorities;
• the ongoing development of policies and procedures pertaining to the supervision of the profession;
• assisting the Board to discharge its functions as an advisor to the Minister.

The services provided by the Unit include:

• the provision of information to members of the public on matters coming within the Unit’s remit; and
• examining complaints received by IAASA relating to prescribed accountancy bodies and/or members of those bodies;

Financial Reporting Supervision

The primary function of the Financial Reporting Supervision Unit is to monitor whether the accounts (otherwise known as ‘financial statements’) of certain classes of companies and other undertakings comply with relevant reporting frameworks.

The Unit is also responsible for liaising with other countries’ financial reporting monitoring and enforcement bodies and fora, including the European Enforcer Co-ordination Sessions (‘EECS’), a forum established by CESR on foot of the IAS Regulation, with the aim of facilitating a common approach to enforcement of IFRS across the EU. IAASA is also a member of the EECS Agenda Group. Accordingly, IAASA also has a direct input to, and involvement in:

• the review of emerging cases and decisions as tabled by Member States’ enforcement authorities, with a view to assessing those which should be afforded priority for consideration at plenary; and
• the review of enforcement decisions taken by EU/EAA accounting enforcers with a view to determining whether they meet the criteria for publication.

IAASA’s statutory functions also include co-operation with interested parties in the development of accounting standards. In this regard, IAASA has observer status at the UK Accounting Standards Board (ASB) and attends it’s Board meetings which are generally held on a fortnightly basis.

The Financial Reporting Supervision Unit is also responsible for:

• identifying, and maintaining under review, the composition of the Authority’s financial statement review constituency;
• developing policies and procedures pertaining to the monitoring of the financial statements of constituent entities for compliance with the Companies Acts and, where applicable, Article 4 of the IAS Regulation (i.e. IAS/IFRS);
• developing policy regarding the imposition of levies on the Authority’s financial statement review constituency;
• assisting the Board to discharge its functions as an advisor to the Minister on accounting related matters; and
• provision to the public and other interested parties, through meetings and presentations, of information on matters coming within the Authority’s financial reporting supervision remit.

Further information on aspects of IAASA’s financial statement review remit can be obtained in the FAQ section.

Secretariat & Legal Services

The Secretariat & Legal Services Unit is responsible for, inter alia:

• discharging the statutory and other functions of Company Secretary and providing a secretariat to the Board;
• the provision of legal advice to the Board and Executive;
• managing the Authority’s relationships with external providers of legal services; and
• managing the Authority’s relationships with other parties’ legal advisors and representatives.

The services provided by the Secretariat & Legal Services Unit are by their nature largely provided internally within IAASA.

Finance & Administration

The Finance & Administration Unit is responsible for, inter alia:

• finance, control and financial reporting functions;
• procurement and supplies management;
• facilities management;
• provision of administrative support services.

The principal services provided by the Finance & Administration Unit to external parties are liaison with suppliers of goods and services to the Authority and with the providers of the Authority’s funding.