A draft of the Bill to reform and regulate the rules governing the accounting profession was published today by the Tanáiste and Minister for Enterprise, Trade and Employment, Ms Mary Hanrey.
The Bill incorporates recommendations made by the Review Group on Auditing set up following the Public Accounts Committee (PAC) inquiry into DIRT.
It provides for the establishment of an Irish Auditing and Accounting Supervisory Authority (IAASA) to regulate the profession and enforce standards on its members.
The Minster’s powers in relation to the regulation of auditors will be transferred to the authority. The authority will be funded jointly by the Exchequer and the accountancy profession.
The Bill will also provide for the enhanced regulation of auditors and accountants including new rules governing auditor independence.
Speaking at the Institute of Incorporated Public Accountants, Ms Harney said: "Recently I have received a number of queries asking how and when I intend to implement the Review Group’s recommendations, and I felt that it made sense to make publicly available the draft Bill in advance of the actual text being finalised by the Attorneys General’s Office".
A full text of the draft scheme of the Companies Audit and Accountancy Amendment Bill on the Department's website at www.entemp.ie
