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Chartered Accountants Regulatory Board Announces Three Year Strategic Plan

by Jason Gorringe, Tax-News.com, London

20 February 2008

The Irish Chartered Accountants Regulatory Board (CARB) has this week published a three year strategic plan.

CARB is a body established by the Institute of Chartered Accountants in Ireland (ICAI) to regulate its members in accordance with the ICAI by-laws, independently, openly and in the public interest.

Highlights of the plan include:

  • A mission and Values Statement setting out the Board's aim to act in the public interest and in an open and transparent manner
  • A review of the manner in which costs of regulation are recovered from individual members and member firms
  • Revised audit regulations and guidance to take account of changes arising from the transposition of the revised EU auditing directive
  • Revised and simplified investment business guidelines incorporating all recent legislative changes
  • Preparation of guidance notes on the prevention of money laundering and terrorism financing
  • Launch of online annual return facility for ICAI member firms
  • Refinement of the risk based approach to monitoring by targeting inspections on the highest risk firms
  • Development of proposals on an alternative dispute resolution process
Commenting on the report, CARB Chairman Liam O'Reilly announced that:

"CARB is committed to developing a strong, credible and supportive regulatory regime capable of responding to changes in the regulatory environment and the market place. We have developed a Strategic Plan which we believe reflects our commitment to acting in the public interest and meeting the expectations of our stakeholders by acting independently and with integrity.At the same time we are conscious of the increasing cost of regulation. We will adopt a risk based approach to regulation, targeting our resources in areas where risk is greatest."

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