RegulationAccounting Standards‘Accountant’ to get legal recognition in Ireland

‘Accountant’ to get legal recognition in Ireland

Trade minister decides there is merit for legal recognition

Michael Ahern, the Irish minister for trade and commerce, said in a statement
that there is merit to affording legal recognition to the term accountant.

This was welcomed by the Irish Auditing and Accounting Supervisory Authority
(IAASA) and by the Irish Chartered Accountants Institute (ICAI)

The matter was referred to the IAASA earlier this year Irish Auditing and
Accounting Supervisory Authority has received widespread support across party
political lines, according to reports in the Irish press.

Chartered accountants in Ireland are subject to a quality review process,
obliged to undertake professional indemnity insurance and undertake continuing
professional development. They are regulated by the ICAI and by IAASA.

ICAI president, Martin Wilson, said: ‘It is pleasing to see the minister’s
commitment on this issue bearing fruit. Obviously, we are pleased but not
surprised that IAASA has come back with a recommendation to the minister that
this issue needs to be addressed. We look forward to working with IAASA on the
next phase of its work.’

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