Third Country Auditor Registration

Full Registration

The Irish Auditing and Accounting Supervisory Authority (‘IAASA/the Authority’) has been designated as a competent authority for the purposes of the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010 (Statutory Instrument No 220 of 2010) (‘Regulations’). These Regulations give effect to the EU Statutory Audit Directive (‘Directive 2006/43/EC’) of the 17 May 2006. Under the Regulations, third country auditors or audit entities which audit the annual or consolidated accounts of certain companies must register with IAASA for their audit report to have legal validity in the State. The relevant companies are ones which are incorporated outside the European Union/European Economic Area (‘EU/EEA’) whose transferable securities are admitted to trading on a regulated market in Ireland. Please see the Form B “Frequently Asked Questions”, in particular FAQ 3 for the definition of a “Relevant Audit Client”.

Under the Regulations, the Authority will provide certain specified information, relating to registered third country auditors/audit entities to the Companies Registration Office (‘CRO’) for inclusion on the Register of Auditors. The CRO’s Auditor Search Facility can be accessed here.

Transitional Registration

IAASA was also designated as competent authority for the purposes of the European Communities (Transitional Period Measures in Respect of Third Country Auditors) Regulations 2009 (Statutory Instrument No 229 of 2009) (‘Transitional Regulations’). The Transitional Regulations, give effect to European Commission Decision 2008/627/EC of 29 July 2008,

Under the Transitional Regulations auditors and audit entities from certain third countries (i.e., certain non-EU Member States) may continue to issue audit opinions that are valid under EU law for a transitional period provided that they first provide the Authority with certain specified information.

Under the Transitional Regulations, the Authority shall (i) make public the names and addresses of such third country auditors and audit entities; and (ii) draw attention to the fact that the third counties concerned have not yet been recognised as equivalent under the Directive 2006/43/EC (i.e. equivalent in terms of the requirements of Article 45 of Directive 2006/43/EC).

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