Accountants body wants companies Bill split up

THE country’s largest accounting body is urging the Government to split the new companies Bill in two by parking the corporate governance issues contained in the law and implementing the new auditing requirements immediately.

The Institute of Chartered Accountants in Ireland (ICAI) says that the Companies Bill has two distinct elements - one relating with auditing requirements for companies and the other deals with corporate governance - and it wants the issues “de-coupled” as the accounting end of the Bill is an urgent piece of legislation.

The Bill, which establishes the Irish Accounting and Auditing Standards Authority (IAASA) on a statutory basis, is due for a second reading in the Dáil later this week.