The Companies (Statutory Audits) Act 2018 (the "2018 Act"), for the most part, commenced on 21 September 20182. This Act relates largely to the obligations on auditors and the Irish Auditing and Accounting Supervisory Authority ("IAASA") and is very technical. Listed below are some of the key provisions that will be of relevance to companies more generally:

The Companies (Statutory Audits) Bill had controversially proposed that companies wishing to extend time to file their annual returns would have to make an application to the High Court (thereby removing the option to make such application to the District Court). However, after successful lobbying, this proposal was not included in the 2018 Act and companies may continue to make these applications to the District Court (in the district where the registered office of the company is located) or the High Court.

The 2018 Act revokes the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (the "2016 Regulations") which gave effect to the mandatory provisions (and some optional provisions) of the EU Audit Directive4 and the EU Audit Regulation5 and restates the 2016 Regulations in the 2014 Act by inserting a new Part 27 entitled 'Statutory Audits'.