ICAI launches web page on auditing standards

The Institute of Chartered Accountants in Ireland (ICAI) has added a dedicated web resource on International Standards on Auditing to its website.

The site will act as the key starting point for those seeking information on the introduction of international auditing standards and their impact on Irish auditors and the audits of Irish businesses.

Announcing the development, ICAI president Terence O’Rourke said: “We have seen more and more discussion in recent weeks about the impact the new International Financial Reporting Standards will have on perceptions of business performance. In Ireland, however, we have arrived at this debate rather late. The new standards will come into force for relevant companies from January 1, 2005.

"We cannot afford to show the same complacency with respect to International Auditing Standards. The introduction of these standards follows the same logic that led to the conception of international accounting standards – transparent global standards."

A move to international auditing standards has already been agreed in principle by the EU and is endorsed in the new draft auditing directive.

The standards form part of the auditing profession’s response to difficulties in the global profession. They are particularly rigorous and are explicitly designed to provide additional information and confidence for capital markets.

"The new international rules are likely to hit Ireland from 2006. It is important that we have a debate on the issues involved. The publication, by ICAI of this new website is an important starting point for those who need to be informed on the issue," said Mr O'Rourke.