Auditing rules will cause problems, says ICAI
The adoption by the Auditing Practices Board of 29 International Auditing Standards poses a considerable challenge to regulators, Government and auditors in Ireland, according to the Institute of Chartered Accountants in Ireland.
The Auditing Practices Board, based in the UK, has been the issuer of auditing standards used in Ireland over the last 15 years.
International Standards of Auditing (ISAs) are those set by the International Auditing and Assurance Standards Board. The adoption of ISAs by all member states in the EU is being advocated by the European Commission.
These new standards are more complex and more vigorous than any adopted before - and there will cause considerable difficulty to business in Ireland, according to the ICAI.
“Small Irish companies are going to be faced with rigorous audit rules that comparable companies across the EU will be exempt from," said new ICAI President, Terence O’Rourke.
"Business needs to be made aware of the issues involved and join with the Irish accounting profession in determining a future that suits the needs of business alongside the important goal of harmonising global standards," Mr O'Rourke added.
