Irish government ministers are using a fast-track method to set up one of the toughest accountancy regulators in the world.
The proposed Oversight Board will have powers to intervene and levy fines of up to #100,000 and will be funded 60/40 by accountants and the government respectively.
Meanwhile, members of the Irish ICA also face regulation from the Foundation, a body which is intended to end decades of self-regulation in the UK and Ireland- although its formation has been hit by mounting delays.
The news comes in the wake of a series of financial scandals that have rocked the country’s political and economic life.
A High Court tribunal is currently quizzing former Taoiseach Charles Haughey – pictured above at a hearing in Dublin – about his role in a multimillion pound scandal spanning several years.
David Simpson, ICAI president, said: ‘The profession has been changing its disciplinary process and we recognise there is an issue over public scrutiny. But state regulation is not a panacea.’
News that the tax year in Ireland will be changed from April to January starting 1 January 2002 has also caused consternation.
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