The Companies (Statutory Audits) Act 2018 modernises Ireland’s audit framework to ensure compliance with EU audit reforms, enhancing oversight and audit quality. It transfers supervisory responsibility from the Recognised Accountancy Bodies to the Irish Auditing and Accounting Supervisory Authority (IAASA), fostering independent oversight and alignment with EU standards. Key changes include stricter independence rules for auditors, mandatory rotation of audit firms, and limitations on non-audit services for public-interest entities, thereby promoting transparency and reducing potential conflicts of interest.

Furthermore, the Act strengthens IAASA's powers for inspection and enforcement, allowing for better quality assurance and public confidence in financial reporting. It introduces clearer procedures for auditor appointments and terminations, alongside enhanced reporting obligations regarding key audit matters. By modernising auditor registration and training requirements, the Act ensures compatibility with evolving EU regulations, ultimately supporting market integrity and stakeholder protection in the corporate governance landscape.