Accountant group calls for auditing Bill changes

The Institute of Chartered Accountants in Ireland (ICAI) has called on the Government to make changes to the Central Bank and Irish Financial Services Regulatory Authority (IFSRA) Bill.

ICAI said it welcomed the general thrust of the Bill but that taken alongside the Companies Act 2003, which addresses similar issues, it makes a mockery of the notion of "joined up" Government.

Specifically, ICAI is requesting changes to the Bill relating to the review group on auditing as they apply to financial services companies.

ICAI Chief Executive, Brian Walsh said: "The sections of the Bill which aim to do for financial services what the Companies Act did for other companies are at odds with that piece of legislation.

"So within the space of three months, two separate pieces of legislation are going to impose two different sets of procedures for compliance with essentially the same principle.

"This will only make compliance more difficult and costly and it's totally at odds with stated Government policy," Walsh added.

The ICAI made the comments in a submission to the Department of Finance earlier this week.

The Bill is being debated at Committee Stage in the Dáil today.