ICAI welcomes ODCE annual report findings
The Institute of Chartered Accountants in Ireland said the annual report of the Office of the Director for Corporate Enforcement published today indicated the extent to which the ODCE depended on cooperation from accountants and auditors.
The ICAI said today's report warned against a simple target-based approach to the work of the ODCE.
The Institute also welcomed increased co-operation between the ODCE and the Companies Registration Office which it said could lead to a reduction in the number of cases being sent forward for prosecution.
ICAI chief executive, Pat Costello said: “Undoubtedly the ODCE has made a considerable impact since its establishment four years ago.
"Much of its success arises from the cooperation it has received from accountants and auditors following the agreement of guidance materials in 2002. 80% of new cases this year arose from auditors’ reports."
