ICAI warning over competitiveness

The Institute of Chartered Accountants in Ireland (ICAI) has warned the new EU Commission Directive on Auditing may pose difficulties to the competitive position of the Irish economy.

The institute has published its submission on the directive to the European Commission. ICAI president Terence O’Rourke said: “Broadly, we welcome this move by the European Commission to modernise the existing directive in auditing.

“But the body is concerned many require- ments were developed with large and public interest companies in mind, and that it could result in the small bodies, such as charities, being required to introduce the same requirements as the largest public interest entities.”