Irish institute asks for audit rule deferral

There are ‘considerable difficulties’ around the commencement of new audit
committee provisions, according the Institute of Chartered Accountants in

The ICAI made this recommendation in its consultation paper submitted to the
Office of the Director for Corporate Enforcement, entitled ‘Draft ODCE Guidance
on Audit Committees’.

Its call for a deferral is in relation to the government’s decision to
include detailed provisions relating to audit committees in primary legislation,
although the institute does support decisions to establish in law the principle
that certain companies would be required to have audit committees.

Aidan Lambe, the ICAI’s director for representation and technical policy,
said the recommendation did not arise from a ‘principled objection’, but as a
result of the ‘practical issues that have arisen since the passage of the
original Act’.

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