STATUTORY INSTRUMENTS. S.I. No. 220 of 2010 EUROPEAN COMMUNITIES (STATUTORY AUDITS) (DIRECTIVE 2006/43/EC) REGULATIONS 2010
Source: Iris Oifigiúl Issue No.41 2010-05-25 00735-00735

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paragraphs: (1) These Regulations may be cited as the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010.
(2) These Regulations shall be read as one with the Companies Acts.
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paragraphs: Save where otherwise provided, these Regulations apply—
(a) in so far as they relate to the conduct of statutory audits and the duties and powers of statutory auditors and audit firms in relation thereto — to the conduct of statutory audits for financial years commencing on or after the date of the making of these Regulations; and
(b) as regards each other matter provision for which is made by these Regulations — on and from the date of the making of these Regulations.
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paragraphs: (1) In these Regulations—
(a) the record of audit procedures performed,
(b) relevant audit evidence obtained, and
(c) conclusions reached,
(i) a Member State auditor or audit firm, or
(ii) a third-country auditor or audit entity,
(a) subject to paragraph (b), any period in respect of which a profit and loss account or income statement is prepared by the auditor or audit firm for income tax or other business purposes, or
(b) in the case of a statutory audit firm that is a company, any period in respect of which accounts under the Companies Acts are prepared by the firm,
(a) the one or more statutory auditors designated by a statutory audit firm for a particular audit engagement as being primarily responsible for carrying out the statutory audit on behalf of the audit firm, or
(b) in the case of a group audit, at least the one or more statutory auditors designated by a statutory audit firm as being primarily responsible for carrying out the statutory audit at the level of the group and the one or more statutory auditors designated as being primarily responsible at the level of material subsidiaries, or
(c) the one or more statutory auditors who sign the audit report;
(a) which is aimed at cooperation and to which the statutory auditor or audit firm belongs, and
(b) either—
(i) the clear objective of which is profit or cost-sharing, or
(ii) which shares—
(I) common ownership, control or management,
(II) common quality control policies and procedures,
(III) a common business strategy, or
(IV) the use of a common brand-name or a significant part of professional resources;
(a) companies or other bodies corporate governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market of any Member State within the meaning of point 14 of Article 4(1) of Directive 2004/39/EC,
(b) credit institutions as defined in point 1 of Article 1 of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions, and
(c) insurance undertakings within the meaning of Article 2(1) of Directive 91/674/EEC;
(a) recognised, or
(b) deemed, by virtue of section 191(3) or (4) of the Act of 1990, to be recognised,
(i) section 187 of the Act of 1990, or
(ii) these Regulations;
(2) A reference in these Regulations to a registered third-country auditor or audit entity is a reference to a third-country auditor or entity registered under Chapter 2 of Part 11.
(3) A word or expression that is used in these Regulations and is also used in the Directive shall have in these Regulations the same meaning as it has in the Directive.
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paragraphs: (1) Section 2(1) of the Principal Act is amended—
(a) by inserting the following definition after the definition of “articles”:
(b) by inserting the following definition after the definition of “subsidiary”:
“ ‘Supervisory Authority’ means the Irish Auditing and Accounting Supervisory Authority;”.