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.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice