Part 2 of the Bill contains the provisions dealing with the establishment of the new authority, the Irish Auditing and Accounting Supervisory Authority. In summary, this new body will take over certain functions relating to the granting of recognition to bodies of accountants under section 191 of the Companies Act 1990 which forms the basis for the supervision and regulation of auditors. Additionally, the IAASA will have the power, among other matters, to intervene in the disciplinary processes of the accountancy bodies where it deems it necessary; carry out independent investigations of possible breaches of standards of prescribed accountancy bodies by their members and apply to the courts to compel directors of a company to amend accounts not in compliance with the Companies Acts.