Auditor Recognition and Qualification

Section 187 of the Companies Act, 1963 as modified by the Companies Act, 1990 (Auditors) Regulations 1992 and amended by Section 72 of the Company Law Enforcement Act 2001 sets out the criteria for appointment as a public auditor or a company auditor.

The primary criterion is that the person must be a member of a body of accountants recognised by the Minister for Enterprise, Trade and Employment for this purpose and hold a valid practising certificate from the body.

The following accountancy bodies have been recognised by the Minister for this purpose:

• The Institute of Chartered Accountants in Ireland.
• The Institute of Certified Public Accountants in Ireland.
• The Association of Chartered Certified Accountants.
• The Institute of Chartered Accountants in England & Wales.
• The Institute of Chartered Accountants of Scotland.
• The Institute of Incorporated Public Accountants.

Details of those members of the recognised accountancy bodies who are qualified to act as auditor in Ireland are retained in the Companies Registration Office and are available for public inspection. The data is required to be updated on an annual basis.

By virtue of a Ministerial Authorisation obtained prior to 3 February 1983, and registered under the provisions of section 199(3) of the Companies Act, 1990, (as modified by The Companies Act, 1990 (Auditors) regulations 1992) a number of individuals are authorised to continue as auditors. These individuals are required to notify the Registrar of Companies by the end of November each year that they are continuing to act as auditors. Names of individually authorised auditors

Section 191 of the Companies Act 1990 specifies the criteria in respect of which the Minister must be satisfied before granting recognition to an accountancy body.

With the announcement by the Government of its intention to establish the Irish Auditing and Accounting Supervisory Authority (IAASA), no new applications for recognition will be accepted until IAASA is established and given statutory authority to recognise accountancy bodies.

Section 189 of the Companies Act, 1990 empowers the Minister for Enterprise, Trade and Employment to declare individuals as qualified to act as an auditor where he/she is satisfied that the qualifications obtained or recognised outside the State are of sufficient standard to practice in Ireland.

An application for recognition under section 189 should be supported by details of:

• the curriculum followed to attain the qualification,
• any other training and experience, and
• the statutory requirements for auditing accounts in their country.

In particular, the Minister would need to be satisfied that the individual was subject to appropriate supervision by a qualified accountancy body.