The Institute of Chartered Accountants in Ireland has welcomed the publication by the Department of Enterprise, Trade and Employment of draft regulations aimed at transposing the Statutory Audit Directive of the European Union.
This primary purpose of this Directive is to establish minimum requirements for the regulation of statutory auditors throughout the EU. Commenting, Aidan Lambe, Director, Technical Policy at the ICAI said:
‘To a large extent, Ireland has had in place since 2003 many of the provisions envisaged by the SAD. The Companies (Auditing and Accounting) Act, 2003 established the Irish Auditing and Accounting Supervisory Authority (IAASA) whose primary function is to oversee the regulation of the auditing profession. So the basic architecture envisaged by the directive is already in place. However, the measures contained in the SAD will not just impact the auditing profession; it also contains new proposals as regards the establishment and functions of audit committees by public interest entities and measures aimed at safeguarding auditor independence. We would encourage all interested parties – companies, directors, audit committee members etc to review the proposals and make their views known.”
“For its part, ICAI will be giving detailed consideration to the proposals and commenting to the Department of Enterprise, Trade and Emploment. ICAI is supportive of EU efforts aimed at achieving harmonization of regulatory regimes under which statutory auditors in Europe are regulated. It is important, therefore, that the proposals are closely aligned to the provisions of the SAD. We are also pleased to note, that following on from Article 31 of the Directive, the EU Commission has recently issued a formal Recommendation to Member States on the need for appropriate reform of auditor liability regimes. Indeed, in Ireland, the Company Law Review Group has also recently expressed support for reform in this area. We look forward to early action on this particular issue,” Lambe concluded.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment