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CARB Publishes Annual Report

by Jason Gorringe, Tax-News.com, London

28 April 2008

The Chartered Accountants Regulatory Board (CARB) - the independent board established by the Institute of Chartered Accountants in Ireland (ICAI) to regulate Irish Chartered Accountants - on Monday published its first Annual Report for the year 2007.

Commenting on the publication of the Report, CARB Chairman Liam O’Reilly explained that:

“Our goal is to build on the existing reputation of Chartered Accountants by delivering a high quality regulatory system which enhances the trust and respect of stakeholders."

"We were established by ICAI to enhance public confidence in the profession by demonstrating clear independence in regulation."

"Obviously, much of our time last year, following our formal establishment, has been spent putting in place working arrangements with all of our stakeholders which includes ICAI itself, its members, statutory oversight bodies, and of course users of the services of Chartered Accountants."

According to the Annual Report, summary statistics for 2007 (as at 31st December 2007) were:

  • 1,683: Number of ICAI member firms, regulated by CARB, at year end
  • 1,006: Number of firms that held audit registration under the provisions of the Irish & UK Companies Acts (down from 1028)
  • 720: Number of firms in the Republic of Ireland that held investment business authorisation under the Investment Intermediaries Act, 1995
  • 151: Number of firms that held a designated professional body issued in accordance with the Financial Services and Markets Act, 2000
  • 2,210: Number of Practising Certificate holders
  • 46: Number of insolvency licence holders (NI only)
  • 127: Number of quality assurance visits undertaken

The overall cost of regulation in 2007 was EUR4,273,447, according to the report.

CARB Director Heather Briers concluded by observing that:

“The key challenge facing the Board in 2008 will be the transposition of the 8th Statutory Audit Directive. To that end in 2007 we have concentrated on increasing our resources to meet this monitoring challenge."

"2007 has also seen CARB establish working relationships with other regulatory bodies and with the Irish Auditing & Accounting Supervisory Authority and the Financial Reporting Council in particular.”

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