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Thursday, 18th April 2024
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IAASA gets its powers Back  
The Minister for Trade and Commerce, Michael Ahern, has granted significant powers to the Irish Auditing and Accounting Supervisory Authority (IAASA), to oversee how recognised accountancy bodies regulate their members.
On February 3rd, the Irish Auditing and Accounting Supervisory Authority (IAASA) was given significant powers by the Minister for Trade & Commerce, Michael Ahern, T.D, to fulfil its role, which is to oversee how recognised accountancy bodies regulate their members.

Its powers include the right to intervene in the disciplinary processes of these bodies and investigate possible breaches by an accounting firm of the standards of the body of which it is a member. The Minister also confirmed that the recognition of accountancy bodies, which previously lay with him, will now transfer to IAASA.
‘I felt the time was opportune’, Minister Ahern said, ‘having established it on a statutory basis in early January, to give IAASA most of the balance of the powers and functions which the 2003 Act provides for. Last Friday I completed the consultation process with the recognised accountancy bodies, who are to provide 60 per cent of the funding for IAASA, on the very issue of their contributions to the new body and other related matters’.
Three additional accountancy bodies have also been brought into the supervisory remit of IAASA. They are the Association of International Accountants (AIA), the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Public Finance & Accountancy (CIPFA).

Minister Ahern has now turned his attention to defining the term ‘accountant’ with some kind of precision, such that it can curb situations where somebody with no accounting qualifications can purport to be an accountant, to the detriment of the customer and the profession. Minister Ahern has referred the matter to IAASA, who are mandated to act as a specialist source of advice to the Minister on auditing and accounting matters, for their consideration.

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