regulatory bodies in Ireland is creating an unnecessary workload
for professional service organisations, according to CPA Ireland
chief executive Eamonn Siggins.
Speaking with The Accountant for the Ireland survey
(see Profession places hope in law review), Siggins said
too many regulators have been developed.
“It seems that when there is a problem regarding the audit and
accounting profession over here, the government’s answer is to
develop a new regulator,” Siggins said. “On occasion there could
certainly be more co-ordination between them because they end up
becoming involved in the same areas. That ends up having an impact
on individual accountancy firms and professional bodies of
Accountancy bodies in Ireland report to a number of separate
regulators. They operate under delegated self regulation from the
Irish Auditing and Accounting Supervisory Authority (IAASA) and
have similar delegated authority from the Financial Regulator to
supervise firms that provide investment business.
“We also have reporting obligations, in certain circumstances,
to the Office of the Director of Corporate Enforcement (ODCE).
There are occasions when ODCE can contact the institute in relation
to a member firm,” Siggins said. “Contemporaneously, ODCE will copy
this correspondence to IAASA, who will then in turn seek a response
on the same issue from the institute.”
This means two lines of communication can be opened on the same
issue, resulting in a costly and demanding pressure on
“Hopefully, in the future, we can agree protocols with the
various regulators to co-ordinate queries in relation to the same
matter,” Siggins said. “We do enjoy excellent consultative
structures with the regulators so we look forward to greater
co-ordination in the future, which would be less demanding on the
resources of all involved and would still provide for all issues
raised to be properly addressed.”