PracticeConsultingConfusion reigns in Irish accountancy.

Confusion reigns in Irish accountancy.

The Irish accountancy profession is facing the prospect of two new watchdog bodies and footing the bill for both, as confusion grows over who will be responsible for overseeing accountants.

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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