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Regulating professional accountant

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  • 10-08-2014 1:22pm
    #1
    mrjoneill
    Registered Users Posts: 536 ✭✭✭


    Regulating professional accountant
    Just interested in is there any statutory regulations controlling standards in these professional bodies in Ireland. And outside of the self-policing is there are there any form of regulatory controls. And for self policing of these bodies any experiences of how effective these are on professional standards.


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    #2
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    Hi

    If the accountant is unqualified then there is very little regulation unfortunately. They can do what they want because the term accountant is currently not protected under Irish Company law. This may or may not change with the new company law bill.

    If they are qualified then they are monitored by their relevant accountancy body that they are a member of . Complaints about aspects of their work can be made to that body as appropriate. The ultimate sanction is being thrown out of the accountancy body and loosing your practicing certificate at which case they can continue to practice as unqualified accountants.

    For certain high risk audits ie PLCs and regulated listed company audits there is monitoring by the Irish Auditing and Accounting Supervisory Authority (IAASA)

    Hope this helps

    dbran


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    #3
    blackwhite
    Registered Users Posts: 8,540 ✭✭✭blackwhite


    dbran wrote: »
    Hi

    If the accountant is unqualified then there is very little regulation unfortunately. They can do what they want because the term accountant is currently not protected under Irish Company law. This may or may not change with the new company law bill.

    If they are qualified then they are monitored by their relevant accountancy body that they are a member of . Complaints about aspects of their work can be made to that body as appropriate. The ultimate sanction is being thrown out of the accountancy body and loosing your practicing certificate at which case they can continue to practice as unqualified accountants.

    For certain high risk audits ie PLCs and regulated listed company audits there is monitoring by the Irish Auditing and Accounting Supervisory Authority (IAASA)

    Hope this helps

    dbran

    The scope of IAASA is a lot larger than just that.

    IAASA is primarily responsible for the oversight and regulation of the various accounting bodies.

    https://www.iaasa.ie/about/functions.htm


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