The Institute of Chartered Accountants in Ireland (ICAI) has announced the appointment of Dr Liam O’Reilly as the first Chairman of the Chartered Accountants Regulatory Board (CARB).
CARB is the new and operationally independent regulatory board being established by the Institute.
The first CARB Board will be appointed by the ICAI Council and thereafter fill its own vacancies. CARB will comprise a majority of non accountants.
Mr O’Reilly was formerly the chief executive of the Financial Regulator. His involvement in accountancy issues includes serving on the Review Group on Auditing.
He was also a member of the Accountancy Foundation, the precursor body to the Financial Reporting Council (FRC) in the UK and the interim board of the Irish Auditing and Accounting Supervisory Authority (IAASA).
ICAI is currently liaising with the IAASA to secure its approval for the changes to the Institute’s bye-laws establishing CARB.