The Irish Auditing and Accounting Supervisory Authority has issued its first sanctions and fines after audit quality inspections of a company.

The IAASA said that after the inspections and an investigation under section 934 of the Companies Act 2014, EisnerAmper Audit Limited and two people have agreed to the imposition of fines and costs totaling €122,000 and other sanctions. 

EisnerAmper Audit Limited has been fined by the IAASA a total of €40,500, which incorporates an early settlement discount of 10%. 

The company will also pay a sum of €50,000 as an appropriate contribution to the costs of the investigation, IAASA.

The authority also said it had fined Ronan Murphy a total of €22,500, which incorporates an early settlement discount of 10%. 

His affiliate status with Chartered Accountants Ireland will also be suspended for one year from July 27, meaning that he will not be registered as a statutory auditor with Chartered Accountants Ireland for the year. 

A "severe reprimand" and a fine of €9,000, incorporating an early settlement discount of 10%, was also imposed on an engagement quality control reviewer. 

The contraventions included matters related to the modification of audit working papers after the notification of the inspection by IAASA, contraventions of standards on audit evidence as well as requirements for appropriate quality control in firms that perform audits.

IAASA's chief executive Kevin Prendergast said this was the first investigation the Authority has concluded since it commenced its direct inspection of firms who audit public interest entities. 

"Maintaining high standards in audit quality is the primary focus of the Authority. The conclusion of this investigation and the sanctions handed down send out a clear message that significant failures will be addressed robustly," Mr Prendergast said.