IACA: Legislation since DIRT inquiry working

The Institute of Chartered Accountants has claimed that the recent bank controversies have focused primarily on what took place in the past, not the present.

Legislative measures enacted since the DIRT inquiry are having a considerable impact on how business is now being conducted in the State, the IACA claimed.

President, Terence O'Rourke, said today: "Auditors have been very much a part of the success of the ODCE with reporting up fourfold since guidance was agreed between the accountancy bodies and the ODCE.

"We are also working together on providing the clarity necessary for directors and auditors to ensure that the Compliance Statement for directors of large companies contained in the 2003 Companies Act is both workable and effective.

"That will ultimately add to the broad array of corporate controls in place," O'Rourke added.

IACA was responding to the 2003 report of the Office of Director of Corporate Enforcement.