Calls for a convergence in auditing practice

THE recent financial scandals in the United States have highlighted, as never before, the need for common global accountancy standards, according to the President of the Institute of Certified Public Accountants Brian Coffey.

Speaking at the conferring of CPA membership on 105 newly qualified Certified Public Accountants Mr Coffey said; “The nonsense of having differing national standards is again demonstrated by the fact that under Irish GAAP in 2001 Elan incurred a loss of $887 million whereas under US GAAP for the same period it made a profit of $343 million.

With urgency we must move to international auditing and accounting standards which will apply to all entities irrespective of size and which will be principles based and of the highest quality”.