"Any such move, if successful," he said, "would be a major threat to one of the main planks of our economic strategy. It must be left open to all member states - and to the smaller countries in particular - to put together a competitive package to enable both domestic and international companies operate from within its borders. This is essential if countries like Ireland are to remain competitive not just within Europe but in the ever more important wider global economy. On this point the Government is to be congratulated on securing the retention of unanimous voting on taxation issues."

Also last week, the ICAI welcomed the publication of a consultation draft on the Audit of Banks in the Republic of Ireland prepared by the Auditing Practices Board in conjunction with the Consultative Committee of Accountancy Bodies.

The revised version of PN 19 (I) has been prepared to update the existing guidance to reflect the replacement of Statements of Auditing Standards with the International Standards of Auditing, UK and Ireland, reflect recent changes in legislation and regulation, and be consistent with the approach of the application of ISAs (UK and Ireland) with the UK PN 19 (Revised) which was issued in January 2007.

Commenting, Garrett O’Neill, Chairman of the Working Group said: “We welcome this updated guidance for auditors of banks to reflect recent changes in legislation and regulation since the current PN 19(I) was issued in 2002. We have seen in other areas that appropriate guidance contributes to a more successful and transparent relationship between regulator and practitioner and are particularly pleased to have been party to developing this guidance. We would encourage interested parties with comments on the draft to make their views known.”