16th February 2017 |
The General Scheme of Companies (Statutory Audits) Bill 2017 was approved by Government on 17 January, 2017. The General Scheme of the Bill 2017 further transposes EU Audit Directive 2014/56/EU and Regulation (EU) No. 537/2014 and contains some ancillary amendments.
The necessary requirements of the EU audit measures were transposed in June 2016 by way of a statutory instrument – European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 – SI No 312 of 2016.
The General Scheme of the Bill avails of options in the EU audit measures, not available in a statutory instrument, which will enhance the system of oversight of audit in Ireland and audit quality. It also elevates SI No 312 of 2016 into primary legislation.
The General Scheme of the Bill also updates the rules relating to auditors for Industrial and Provident Societies Acts and the Friendly Societies Acts and provides for an extension to the rules allowing certain firms to continue to use US GAAP.
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