Accountants to look at forming regulatory body
THE main Irish accountancy bodies may look at establishing their own independent regulatory body, following the announcement by the Consultative Committee of Accountancy Bodies that it plans to establish one in Britain.
The Consultative Committee is made up of the chartered accountancy bodies of England, Scotland and Wales the Chartered Institute of Management Accountants and the Chartered Association of Certified Accountants, which operate internationally and have Irish divisions.
The Institute of Chartered, Accountants in Ireland, which operates on an all Ireland basis, is also a member, as is the public sector accountancy body, CIPFA.
A separate regulator for the Republic of Ireland may be necessary for legal reasons, according to Mr Niall Deasy, president of the Institute of Chartered Accountants in Ireland.
The Irish accountancy bodies co-ordinate their activities through the Consultative Committee of Accountancy Bodies Ireland, which represents around 14,000 accountants.
Its members are the Institute of" Chartered Accountants in Ireland, the Chartered Institute of Management Accountants and the Chartered Association of Certified Accountants and the Institute of Certified Public Accountants in Ireland. This body may now have to look at establishing an Irish regulator explained Mr Deasy.
The British regulatory body is due to be established in January next year. However, details of its structure still have to be clarified. A number of Irish bodies such as the Central Bank could be asked to nominate members, because of the role the regulator may play in Ireland.
The various accountancy bodies are not in full agreement about the proposed regulator's powers. The Chartered Institute of Management Accountants wants the body to oversee accounting standard setting.
The regulator's "clout" would be provided by the freedom to publish regular reports on the profession.