European Communities (Transitional Period Measures In Respect of Third Country Auditors) Regulations 2009
Statutory Instruments
Source: Statutory Instruments

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paragraphs: (1) These Regulations may be cited as the European Communities (transitional period measures in respect of third country auditors) Regulations 2009.
(2) These Regulations shall come into operation on 26 June 2009.
(3) Section 12 of the Company Law Enforcement Act 2001 (No. 28 of 2001) shall apply in relation to these Regulations as it applies in relation to the Companies Acts, subject to the modification that references in that section to Companies Acts shall be construed as including references to these Regulations.
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paragraphs: In these Regulations, unless otherwise indicated—
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paragraphs: For the purposes of these Regulations and the Decision the Irish Auditing and Accounting Supervisory Authority is the competent authority in the State.
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paragraphs: Where an auditor or audit entity from a third country (which auditor or audit entity is hereinafter referred to as a “third country auditor”) provides to the competent authority all of the information listed at subparagraphs (a) to (e) of Article 1(1), correct and accurate in all material respects and so certified by the third country auditor concerned (and updated and recertified by him, her or it as and when necessary), and, subject to compliance with such reasonable requests for clarification or further information as the competent authority may make, pays to the authority such fee (if any) of an amount specified from time to time by the Minister sufficient to cover its administration expenses—
(a) the provisions of Article 45 of the Directive shall not apply in relation to audit reports, concerning annual accounts or consolidated accounts as referred to in Article 45(1) of the Directive for financial years starting on a date which is in the period starting on 29 June 2008 and ending on 1 July 2010, which are issued by such a third country auditor, and
(b) the competent authority shall record the said information, and shall ensure that the public is informed about—
(i) the name and address of each such third country auditor, and
(ii) the fact that the third countries concerned are not yet recognised as equivalent for the purposes of the Directive.
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paragraphs: (1) No person shall disclose, except in accordance with law (including Regulation 4(b)), information that—
(a) is furnished pursuant to these Regulations to the competent authority, and
(b) has not otherwise come to the notice of members of the public.
(2) Without limiting paragraph (1), the persons to whom that subsection applies include the following:
(a) a member or director or former member or director of the competent authority;
(b) an employee or former employee of the competent authority;
(c) a professional or other adviser to the competent authority, including a former adviser.
(3) A person who contravenes paragraph (1) commits an offence and is liable, on summary conviction, to a fine not exceeding €2,000.
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paragraphs: The provisions of Regulation 4(a) shall be without prejudice to cooperative arrangements on quality assurance reviews between the competent authority and a competent authority of a third country, provided that such an arrangement meets the criteria listed at paragraphs (a) to (c) of Article 1(4).