A new compliance bill known as the Auditing and Accountancy Bill passed through the Irish Senate last week on its way to being debated in the Dail. However, it has been severely criticised by the Law Society, which says that it will dramatically increase red tape, stifle entrepreneurship and transform the country into a new 'East Germany'.
The intention of the new legislation is to increase the regulation of professionals and to require company directors to play a greater role in ensuring their firms are fully compliant with the law.
The proposals have also been heavily criticised by accounting professionals recently, and according to a report from RTE News, the chairman of the Law Society's business law committee, Paul Egan, suggested that the new laws will result in an "advisor fest" culture. According to Egan, the legislation will ultimately lead to an exodus of firms to Northern Ireland as they escape the overbearing nature of the new requirements.
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