According to reports in the national media this week, SEC regulations governing auditor independence are creating problems for Irish accountants advising US firms with a presence in the jurisdiction.

Under the terms of the new rules, auditors are banned from making payments on behalf of their clients. However, many of the firms potentially affected by these rules act as both tax advisers and auditors to their US customers, which has caused confusion, since the online payment service created by the Revenue Commissioners requires accountants to submit tax payments for their clients.

According to the Business World news service, the issue has been raised by the Institute of Taxation, and the Irish tax authority is currently considering different solutions to the problem.