The Department of Business, Enterprise and Innovation has stated its intention to commence the Companies (Statutory Audits) Act 2018 on 21 September 2018 (for almost all sections). The final position will only be known once the relevant Commencement Order is published.

The Companies (Statutory Audits) Act 2018 will consolidate existing audit legislation into the Companies Act 2014 so as to bring Ireland in line with the EU Audit Reform Package. This legislative reform package was enacted in the wake of the international financial crisis so as to strengthen auditor independence and audit supervision in Europe.

When the Companies (Statutory Audits) Act 2018 has been commenced, the statutory audits regime in Ireland will comprise of two tiers of legislation: the Companies Act 2014, as amended by Companies (Statutory Audits) Act, 2018, and EU Regulation 537/2014.

Section 74 of the Companies (Statutory Audits) Act 2018 will update the Irish Collective Asset-management Vehicles Act 2015 to align it with the provisions of the Companies (Statutory Audits) Act 2018 in respect of:

  • replacement of references to  “Audits Regulations”
  • eligibility for appointment as an auditor of an ICAV.

Section 75 of the Companies (Statutory Audits) Act 2018 will update the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended):

  • by the insertion of a new Regulation 6A in Part 2 which provides that, for the avoidance of doubt, sections 1099 to 1110 of Companies Act 2014 (which implement the Shareholders' Rights Directive) do not apply to UCITS
  • by the correction of a reference to the Companies Act 2014 which concerns the obligation on UCITS to submit financial statements to the Companies Registration Office.