Board reminds auditors of duty to report illegal practices

The independent Auditing Practices Board has issued guidelines to Irish auditors informing them of their duty to report breaches of the law to the director of corporate enforcement.

Under the Company Law Enforcement Act 2001, auditors are required to report all instances of suspicious auditing practices by a company, its officers or agents.

Ian Plaistowe, the chairman of the Auditing Practices Board, said the legislation covers more than 125 indictable offences under the Companies Act 1990.