Warning about unqualified auditors

THE Association of Chartered Certified Accountants (ACCA) has warned that despite recent changes to company law, a number of unqualified persons continue to hold themselves out to be auditors.

This is an offence under the Companies Act.

Aidan Clifford, Technical Manager with ACCA Ireland, said: “I was shocked to discover at a recent presentation that a number of organisations were still having their financial statements audited by unqualified auditors. Not only have the directors of those companies committed an offence, they will have to engage a qualified auditor to undertake an audit for each of the years it was performed by an unqualified person. This will be very expensive and the incoming Registered Auditor will be obliged by law to report the company law breach to the Office of the Director of Corporate Enforcement.”