Section 8 sets out the principal objects of the supervisory authority which will have to be enshrined in the memorandum of association of the authority. The objects are to supervise how prescribed accountancy bodies regulate and monitor their members; provide for adherence to high professional standards in the auditing and accounting profession; monitor whether the accounts of certain classes of companies and other undertakings comply with the Companies Acts, and act as a specialist source of advice for the Minister on auditing and accounting matters.