The Institute of Chartered Accountants in Ireland (ICAI) announced last week that the Chartered Accountants Regulatory Board (CARB), the new board established by ICAI to regulate Chartered Accountants, will formally begin its work on April 9th next.
The Board, which will be operationally independent from the Institute, was given the go-ahead last month when the changes to the ICAI bye laws necessary for its establishment were approved by the Irish Auditing and Accounting Supervisory Authority.
The decision to give effect to the bye law changes on April 9th next was taken by the ICAI Officer Group on Tuesday. Dr Liam O’Reilly, former Chief Executive of the Financial Regulator, will the first chairman of CARB.
Announcing the decision, ICAI President, Martin Wilson said: “This is a significant step forward in the regulation of Chartered Accountants. Previously the regulatory committee within ICAI reported on all matters to ICAI Council. CARB will be operationally independent upon establishment, with the power to fill its own vacancies. Obviously, the manner in which CARB conducts the regulation, and disciplining where necessary, of Irish Chartered Accountants, will continue to be subject to the oversight of the statutory oversight bodies in both the UK and the Republic of Ireland.
The Chartered Accountants Regulatory Board is a body established by the Institute of Chartered Accountants in Ireland to regulate Irish Chartered Accountants, in accordance with the provisions of the Institute’s Bye-laws, independently, openly and in the public interest.
The objective of the Board is to win, instil and sustain public confidence in the quality, transparency and independence of its regulatory functions thereby enhancing the public confidence in the integrity and quality of the professional services provided by chartered accountants.
The functions of the Board will include developing and approving Standards of Professional Conduct for adoption by the Council of the Institute and supervising the compliance of members, member firms, affiliates and students of the Institute of Chartered Accountants in Ireland with the Standards. The Board will have a majority of members who are not accountants and will have full operational autonomy in delivering its mandate.
The Chartered Accountants Regulatory Board will be subject to independence oversight from the statutorily established Irish and UK oversight bodies.
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