US accounting decision welcomed by ICAI
The ratification by the US Public Accounting Oversight Board of rules for the oversight of non-US audit firms has been described as a significant development for Ireland.
The Institute of Chartered Accountants in Ireland (ICAI) said the decision represented considerable progress from a European perspective from those originally proposed.
ICAI President, Terence O'Rourke said it was important that US and Irish Regulators cooperate effectively so that the regulatory burden on the large US-listed companies and their subsidiaries is not increased.
All Irish companies listed in the US or significant Irish subsidiaries of US listed companies and their auditors will also have to be subject to the cooperative regulatory structure.
ICAI said it was happy to work with the Government to ensure that Ireland is well positioned to tackle the issues that arise as a result of the decision.
