Ireland

The statutory framework for accounting, auditing, and financial reporting in Ireland is established through the Companies Act 2014, as amended, together with relevant European Union legislation as transposed into Irish law. As a member of the European Union, Ireland applies accounting, auditing, and corporate reporting requirements arising from EU Regulations and Directives, including the EU Accounting Directive, the Statutory Audit Directive, and Regulation (EU) No. 537/2014 relating to the statutory audit of public interest entities. Recent amendments to the Companies Act 2014, including provisions connected with the implementation of the Corporate Sustainability Reporting Directive (CSRD), came into force in December 2024.

The Companies Act 2014 sets out the legal requirements for the preparation of financial statements in Ireland and defines the applicable financial reporting framework. In accordance with the Act, companies with securities admitted to trading on an EU regulated market are required to prepare consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the European Union. Other entities may apply alternative reporting frameworks permitted under Irish law, including FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland, issued by the Financial Reporting Council, and other relevant frameworks permitted by the Companies Act. The Companies Registration Office also indicates that the Companies Act 2014 establishes different financial reporting and audit exemption arrangements for entities such as small and micro companies.

Statutory audit requirements are established under the Companies Act 2014, as amended, and the European Union (Statutory Audits) Regulations 2016 (S.I. No. 312 of 2016). Companies that do not qualify for audit exemption are subject to statutory audit requirements. Audits in Ireland are conducted in accordance with International Standards on Auditing (Ireland), which are adopted for use in Ireland by the Irish Auditing and Accounting Supervisory Authority (IAASA) under license from the Financial Reporting Council in the United Kingdom. IAASA also has responsibility for oversight of the audit profession and acts as Ireland’s corporate reporting supervisor under the EU Transparency framework.

The Companies Act 2014, as amended, together with the European Union (Statutory Audits) Regulations 2016, establishes the regulatory framework for the accountancy profession in Ireland and defines the roles and responsibilities of the bodies involved in the oversight of auditors and professional accountants.

The Irish Auditing and Accounting Supervisory Authority (IAASA) is the independent statutory body responsible for the public oversight of the audit profession in Ireland. IAASA was established under the Companies Act to supervise how Prescribed Accountancy Bodies (PABs) regulate and monitor their members and to promote adherence to high professional standards in the auditing and accountancy profession. A PAB is an accountancy body that offers audit qualifications and is subject to IAASA’s supervisory oversight; the PABs that are currently operating in Ireland include the Association of Chartered Certified Accountants (ACCA), Association of International Accountants (AIA), Chartered Institute of Management Accountants (CIMA), Chartered Institute of Public Finance and Accountancy (CIPFA), and Chartered Accountants Ireland (CAI/ICAI). These bodies establish professional education, ethical, and continuing professional development requirements for their members and maintain systems for quality assurance and investigation and discipline, subject to oversight by IAASA.

IAASA’s responsibilities include: (i) supervising how PABs regulate and monitor their members; (ii) operating the investigation and disciplinary (I&D) system for statutory auditors of public interest entities (PIEs); (iii) promoting adherence to high professional standards in the auditing and accountancy profession; (iv) monitoring whether the financial statements of certain classes of companies comply with the Companies Acts and applicable accounting requirements; (v) conducting quality assurance (QA) reviews of auditors that provide services to PIEs; (vi) overseeing the QA review systems operated by Recognized Accountancy Bodies (RABs), which are PABs authorized to approve and register statutory auditors and audit firms; and (vii) adopting auditing standards for use in Ireland under license from the Financial Reporting Council (FRC) in the United Kingdom.

Recognized Accountancy Bodies are responsible for approving and registering statutory auditors and audit firms and for carrying out regulatory functions such as monitoring, investigation, and discipline for their members performing statutory audits, subject to IAASA oversight.

Professional accountants working outside the statutory audit function may become members of professional accountancy organizations on a voluntary basis and are subject to the educational, ethical, and continuing professional development requirements established by those bodies.

The Companies Act 2014, as amended, together with the European Union (Statutory Audits) Regulations 2016, establishes the Irish Auditing and Accounting Supervisory Authority (IAASA) as the independent public audit oversight authority in Ireland. IAASA was established under the provisions of the Companies Act to examine and enforce financial reporting by certain listed entities and to supervise the regulatory functions of Prescribed Accountancy Bodies (PABs) in Ireland. A PAB is an accountancy body that offers audit qualifications and falls within the supervisory remit of IAASA.

IAASA’s responsibilities include: (i) supervising how PABs regulate and monitor their members; (ii) operating the investigation and disciplinary (I&D) system for statutory auditors of public interest entities (PIEs); (iii) promoting adherence to high professional standards in the auditing and accountancy profession; (iv) monitoring whether the financial statements of certain classes of companies comply with the Companies Acts and applicable accounting requirements; (v) conducting quality assurance (QA) reviews of auditors that provide services to PIEs; (vi) overseeing the QA review systems operated by Recognized Accountancy Bodies (RABs), which are PABs authorized to approve and register statutory auditors and audit firms; and (vii) adopting auditing standards for use in Ireland under license from the Financial Reporting Council (FRC) in the United Kingdom.

IAASA also supervises RABs’ approval and registration of audit firms and monitors their regulatory activities relating to professional ethics, internal quality management of audit firms, continuing professional development requirements, and investigation and disciplinary systems.

IAASA is a member of the International Forum of Independent Audit Regulators (IFIAR).

Association of Chartered Certified Accountants (ACCA)

The ACCA is a Recognized Supervisory Body (RSB) and Recognized Qualifying Body (RQB) under the Companies Act 2006 in the United Kingdom, and also a Prescribed Accountancy Body (PAB) and Recognized Accountancy Body (RAB) under the Companies Act 2014 (as amended) in Ireland. The ACCA is a member of IFAC, Accountancy Europe, and the Consultative Committee of Accountancy Bodies (CCAB) and CCAB-Ireland.

Association of International Accountants (AIA)

The AIA was established in 1928 and has voluntary membership. It is an RQB under the UK Companies Act 2006 and a PAB under the Companies Act 2014 (as amended) in Ireland. The AIA is not an IFAC member organization and it is unclear whether it is a member of any other regional or international professional organization.

Accounting Technicians Ireland (ATI)

Accounting Technicians Ireland is a voluntary membership organization established in 1983 that provides aspiring accounting technicians with training, experience, and certification. ATI is neither a PAB nor an RAB. It operates as a joint educational body supported by Chartered Accountants Ireland and ACCA. ATI is an Associate member of IFAC.

Chartered Institute of Management Accountants (CIMA)

CIMA is a voluntary membership organization for management accountants founded in 1919. CIMA is not an RSB or RQB, and its members are not authorized to conduct statutory audits unless they are registered with a recognized supervisory body. CIMA is a PAB in Ireland under the Companies Act 2014 (as amended). The institute is a member of IFAC and CCAB-Ireland.

Chartered Institute of Public Finance and Accountancy (CIPFA)

CIPFA is a voluntary membership organization established in 1885. Its mission is to advance public financial management both in the UK and globally. CIPFA is a PAB in Ireland under the Companies Act 2014 (as amended). The institute is a member of IFAC and Accountancy Europe.

Institute of Chartered Accountants of England Wales (ICAEW)

ICAEW is a voluntary membership organization for chartered accountants and is an RQB and RSB under the UK Companies Act 2006 (as amended). It is also a PAB and RAB under the Companies Act 2014 (as amended) in Ireland. ICAEW is a member of IFAC, CCAB, and Accountancy Europe.

Institute of Chartered Accountants of Ireland (ICAI)

The Institute of Chartered Accountants in Ireland (Chartered Accountants Ireland) is a voluntary membership organization established by Royal Charter in 1888. The institute is a member of CCAB-UK and CCAB-Ireland and is a PAB and RAB in Ireland under the Companies Act 2014 (as amended), and an RSB and RQB in the UK. The institute is a member of IFAC and Accountancy Europe.

Institute of Chartered Accountants of Scotland (ICAS)

ICAS is a voluntary membership organization for chartered accountants and is an RQB and RSB under the UK Companies Act 2006 (as amended). It is also a PAB and RAB under the Companies Act 2014 (as amended) in Ireland. ICAS is a member of IFAC, CCAB-UK, and Accountancy Europe.

The Companies Act 2014, as amended, together with the European Union (Statutory Audits) Regulations 2016, establishes the legal framework for the quality assurance (QA) review system for statutory audits in Ireland. Under this framework, the Irish Auditing and Accounting Supervisory Authority (IAASA) is responsible for conducting QA reviews of statutory auditors that audit public interest entities (PIEs), while Recognized Accountancy Bodies (RABs) are responsible for carrying out QA reviews of statutory auditors and audit firms that audit non-PIEs. The QA systems operated by the RABs are subject to oversight by IAASA.

Recognized Accountancy Bodies in Ireland include the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants in Ireland (ICAI), and the Institute of Chartered Accountants of Scotland (ICAS). These bodies are responsible for approving and registering statutory auditors and audit firms and for operating QA review programs for their members performing statutory audits, subject to IAASA oversight.

Accordingly, the QA review framework in Ireland covers all statutory audits, with IAASA responsible for the inspection of PIE audit engagements and oversight of the QA systems operated by the RABs.

ICAI maintains a QA review system for its members in line with the requirements of SMO 1, subject to oversight by IAASA and the Financial Reporting Council (FRC) in the United Kingdom. The Chartered Accountants Regulatory Board (CARB), which operates independently within Chartered Accountants Ireland, is responsible for the implementation of the QA review system. CARB periodically reviews its regulations and procedures and incorporates updated international requirements to maintain alignment with SMO 1.

Other RABs operating in the jurisdiction that are members of IFAC have indicated that their QA review systems are designed to comply with the requirements of SMO 1.

Current Status: Adopted

In accordance with the Companies Act 2014, as amended, professional accountancy organizations in Ireland share responsibility for establishing initial professional development (IPD) and continuing professional development (CPD) requirements for professional accountants and auditors. The Irish Auditing and Accounting Supervisory Authority (IAASA) monitors the education and training requirements established by Prescribed Accountancy Bodies (PABs) as part of its oversight of the regulatory framework for the profession.

Several PABs operating in Ireland—including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Public Finance and Accountancy (CIPFA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants in Ireland (ICAI), and the Institute of Chartered Accountants of Scotland (ICAS)—are members of IFAC and have indicated that their professional education and continuing professional development requirements are aligned with the International Education Standards (IES).

However, not all professional accountants in the jurisdiction are subject to education and continuing professional development requirements demonstrably aligned with the IES. For example, the Association of International Accountants (AIA), which operates as a PAB in Ireland, is not an IFAC member and publicly available information does not clearly indicate whether its education requirements fully align with the IES currently in effect. In addition, Accounting Technicians Ireland, which provides technician-level qualifications in the jurisdiction, does not require mandatory CPD for its members and its professional education framework does not fully align with all requirements of the IES.

Accordingly, while several professional accountancy organizations operating in Ireland report alignment with the IES, the standards are not demonstrably adopted for all aspiring and professional accountants in the jurisdiction.

Current Status: Partially Adopted

The Companies Act 2014, as amended, together with the European Union (Statutory Audits) Regulations 2016, specifies the auditing standards to be applied in Ireland. Statutory audits are required to be conducted in accordance with International Standards on Auditing (Ireland) (ISA (Ireland)).

ISA (Ireland) are issued by the Financial Reporting Council (FRC) in the United Kingdom and adopted for use in Ireland by the Irish Auditing and Accounting Supervisory Authority (IAASA) under license from the FRC. These standards are based on the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and are updated periodically to reflect revisions to the international standards.

However, ISA (Ireland) incorporate additional jurisdiction-specific requirements and references to UK and Irish law and regulation. Accordingly, while ISA form the basis of the auditing standards applied in Ireland and are required for all statutory audits, the standards applied in the jurisdiction are ISA (Ireland) rather than the ISA issued by the IAASB in their entirety.

Current Status: Partially Adopted

In accordance with the Companies Act 2014, as amended, professional accountancy organizations in Ireland share responsibility for establishing ethical requirements for their members. The Irish Auditing and Accounting Supervisory Authority (IAASA) monitors the regulatory activities of Prescribed Accountancy Bodies (PABs), including the adoption and implementation of ethical standards.

Ethical requirements for statutory auditors in Ireland are established through the Ethical Standard applicable in the United Kingdom and Ireland, issued by the Financial Reporting Council (FRC) and adopted for use in Ireland by IAASA. The Ethical Standard is based on the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) and incorporates revisions to the international Code over time. However, the standard includes additional jurisdiction-specific requirements and references to UK and Irish law and regulation.

Several PABs operating in Ireland—including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Public Finance and Accountancy (CIPFA), Chartered Institute of Management Accountants (CIMA), Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Accountants Ireland (ICAI), and the Institute of Chartered Accountants of Scotland (ICAS)—are members of IFAC and indicate that their ethical requirements for members are aligned with the International Code of Ethics for Professional Accountants.

However, the ethical framework applied in the jurisdiction incorporates the FRC Ethical Standard, which is based on but not identical to the IESBA Code issued in its entirety. Accordingly, while the international Code forms the basis of ethical requirements for professional accountants and auditors in Ireland, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The Irish Government is responsible for establishing public sector accounting standards in Ireland. Public sector financial reporting is governed primarily by the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, which issues financial reporting and accounting guidance for government entities.

Public sector financial statements in Ireland are prepared under national public sector accounting frameworks, which incorporate elements of both cash-based and accrual-based accounting depending on the reporting entity and applicable reporting requirements.

International Public Sector Accounting Standards (IPSAS) have not been formally adopted for application by public sector entities in Ireland. While certain aspects of public sector financial reporting may be informed by international practices, the jurisdiction continues to apply national public sector accounting standards and guidance.

Ireland participates in broader European Union initiatives exploring the development of European Public Sector Accounting Standards (EPSAS); however, IPSAS in their entirety have not been adopted for application in the jurisdiction.

Current Status: Not Adopted

In accordance with the Companies Act 2014, as amended, professional accountancy organizations and the Irish Auditing and Accounting Supervisory Authority (IAASA) share responsibility for the system of investigation and discipline (I&D) in Ireland.

Prescribed Accountancy Bodies (PABs) are responsible for establishing and operating investigation and disciplinary systems for their members, including professional accountants engaged in public practice and other professional roles. IAASA operates the investigation and disciplinary framework for statutory auditors of public interest entities (PIEs) and oversees the regulatory activities of the professional accountancy bodies.

Several PABs operating in Ireland—including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Public Finance and Accountancy (CIPFA), Chartered Institute of Management Accountants (CIMA), Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Accountants Ireland (ICAI), and the Institute of Chartered Accountants of Scotland (ICAS)—are members of IFAC and have established investigation and disciplinary mechanisms for their members that incorporate the main requirements of SMO 6.

The Association of International Accountants (AIA), which operates as a PAB in Ireland but is not an IFAC member organization, also maintains an investigation and disciplinary system. Based on publicly available information, it appears to incorporate the key elements of SMO 6.

Accordingly, investigation and disciplinary systems operate across the jurisdiction through the combined frameworks established by IAASA and the professional accountancy bodies.

Current Status: Adopted

The Companies Act 2014, as amended, establishes the financial reporting framework applicable to companies in Ireland, including requirements relating to accounting standards and financial reporting thresholds.

In accordance with European Union legislation and national law, companies whose securities are admitted to trading on a regulated market are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union.

Other entities may prepare financial statements using alternative frameworks permitted under Irish law, including FRS 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, issued by the Financial Reporting Council (FRC), or IFRS Accounting Standards as adopted by the European Union. In certain limited circumstances, other approved accounting frameworks such as US GAAP may also be permitted.

Accordingly, IFRS Accounting Standards as adopted by the European Union are required for all domestic publicly accountable entities whose securities are listed on regulated markets, while other entities may apply alternative financial reporting frameworks permitted under the Companies Act.

Current Status: Adopted

Relevant Organizations

• Accounting Technicians Ireland (ATI)
• Association of International Accountants (AIA)
• Chartered Accountants Ireland (CAI)
• Chartered Accountants Regulatory Board (CARB)
• Companies Registration Office (CRO)
• Financial Reporting Council (FRC)
• Institute of Certified Public Accountants in Ireland (CPA Ireland)
• Irish Auditing and Accounting Supervisory Authority (IAASA)

Relevant Legislation

• Companies Act, 2006, United Kingdom (UK)
• Companies Act 2014, Ireland
• CPA Ireland Byelaw 13 “Practice & Audit Regulations”
• IAASA, Statutory Instrument No. 97 of 2012, Ireland

Relevant Publications

• ACCA, IPSAS Implementation: Current Status and Challenges, October 2017.
• Accountancy Europe, Definition of Public Interest Entities in Europe: State of Play after the Implementation of the 2014 Audit Reform, November 2017.
• Accountancy Europe, FEE Survey on Structure and Organisation of the Accountancy Profession across 30 European Countries, March 2012.
• Accountancy Europe, Member State Implementation of Directive 2014/95/EU, 2017.
• CIPFA & IFAC, International Public Sector Financial Accountability Index, 2018.
• FRC, Ethical Standards for Auditors, January 2024
• ICAI, SMO Action Plan, September 2019.
• European Commission, Audit Directive, Transposition Status, May 24, 2018.
• IAASA, Brexit and its Potential Impact on Audit and Accountancy, May 2018.
• IAASA, Ethical Standard for Auditors (Ireland), April 2017.
• IAASA, International Standards on Auditing for Use in Ireland, 2018.
• IAASA, Profile of the Profession: 2014, May 2015.
• IFIAR, IFIAR Member Profile: Ireland, 2018.
• IFRS Foundation, Jurisdiction Profile: Republic of Ireland, June 2016.
• Mondaq, Ireland: Companies (Statutory Audits) Act 2018, October 2018.