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Friday, 19th April 2024
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ICAI calls for harmonisation of reporting obligations Back  
SStandardising auditors’ reporting obligations will be one of the first issues the Institute of Chartered Accountants in Ireland (ICAI) will be bringing up with the new Irish Auditing and Accounting Supervisory Authority when it is established on a statutory basis.

Calling the present situation a ‘quagmire’, ICAI chief executive Brian Walsh said that harmonisation of reporting obligations is essential so that accountants can be clear about their responsibilities.

In the Office of the Director for Corporate Enforcement’s recent interim report the number of company law breaches reported by auditors to the ODCE rose from 399 in 2002 to 1500 in 2003.

Walsh said that this is an example of what can be achieved when there is clarity and guidance and when the ICAI and ODCE work together.

However, he went on to say that these reporting obligations are only a small number of those being faced by accountants and auditors.

‘Our members face additional reporting obligations under tax, company and criminal law. The nature and form of the reports to be made and the bodies to be reported too are similarly varied. In some cases the same offence has to be reported to different bodies,’ he added.

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