Chartered Accountants Ireland
Member | Established: 1888 | Member since 1977
Chartered Accountants Ireland is a voluntary membership organization for chartered accountants that was established by Royal Charter in 1888. It has members in the UK, Ireland, and various countries around the world and is an educator, examiner, regulator, and thought leader. It regulates is members and their firms and is a Recognized Qualifying Body and a Recognized Supervisory Body in accordance with the UK Companies Act 2006. It is also a Prescribed Accountancy Body and Recognized Accountancy Body under the Companies Act 2003 in Ireland. The institute is a member of the Fédération des Experts Comptables Européens and Consultative Committee of Accountancy Bodies.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
ICAI, which shares responsibility for the quality assurance (QA) review system with the other five Recognized Accountancy Bodies and the Irish Auditing and Accounting Supervisory Authority, uses its best endeavors to maintain a QA review system in line with SMO 1.
The Chartered Accountants Regulatory Board (CARB), which is the independent board responsible for ICAI’s QA review system, reviews its regulations and activities on an ongoing basis and incorporates revised requirements to ensure continued compliance with SMO 1. CARB provides training and other support to inspectors who conduct quality assurance reviews and updates them on technical and practical developments. In addition, the ICAI offers a variety of training courses, materials, and support to members and member firms on quality control and other areas of compliance with regulations and standards.
The ICAI shares responsibility for initial professional development and continuing professional development (CPD) requirements with universities and other Prescribed Accountancy Bodies (PABs) and Recognized Accountancy Bodies in Ireland.
The institute has well-established regulations and educational requirements for members, and continuously improves its qualification and CPD system to implement International Education Standards (IESs) and maintain compliance with SMO 2. It regularly reviews its programs against new IESs and is in the process of making necessary revisions to become fully compliant.
The ICAI offers a wide range of CPD courses for its members and collaborates with other educational and training providers to support its members. In addition, it collaborates with other PABs via the Consultative Committee of Accountancy Bodies, and the UK’s Financial Reporting Council to develop and encourage best practice in CPD.
The ICAI monitors the work of the IAESB and comments on its work program and exposure drafts. ICAI’s Education Board oversees this activity.
The ICAI has no direct responsibility for adoption in Ireland of ISAs issued by the International Auditing and Assurance Standards Board (IAASB), but it supports adoption of IAASB pronouncements and contributes to standard-setting activities. The ICAI participates in regular meetings with the auditing standard setter, the Financial Reporting Council of the UK, which has adopted Clarified ISAs with modifications. In addition, to providing comments on relevant IAASB proposals, the ICAI participates in a number of working groups established by the regional accountancy body of which it is a member, focused on audit and assurance. The institute also promotes the adoption of other standards issued by the IAASB that have not yet been adopted.
The ICAI supports the implementation of ISAs (Ireland and the UK) through various education and awareness-building activities. It disseminates standard-related updates on a regular basis electronically and via the institute’s journal. ICAI’s Audit and Assurance Committee develops guidance for members on audit and assurance topics (such as the Procedures for Quality Audits), and the ICAI collaborates with other Recognized Accountancy Bodies to develop tools to assist its members with the implementation of ISAs (Ireland and UK).
The ICAI shares responsibility for the adoption and implementation of ethical standards for members of the profession in Ireland.
The ICAI Code of Ethics is kept under constant review, with the last revision conducted in January 2014. A further revision is due in 2016 to take account of a small number of changes in the IESBA Code. The ICAI and the Chartered Accountants Regulatory Body (CARB) support the implementation of the Code of Ethics through the provision of information and updates in a variety of media to raise awareness and enhance the knowledge of its members. The ICAI and CARB host learning events on ethics and periodically review continuing professional development and student training material to include relevant standard-related topics.
ICAI and CARB monitor amendments to the IESBA Code of Ethics and inform members about any changes. The ICAI was an IESBA member from 1997 until 2009,–including serving as its chair for two years. Since then, the ICAI has responded to all IESBA consultations and has hosted meetings of IESBA members, as well as of ICAI member and non-member company directors.
Although ICAI has no direct responsibility for the adoption of public sector accounting standards in Ireland, it exerts its best endeavors to promote the adoption of IPSASs to relevant public sector authorities. It established a Public Sector Network Group to provide more opportunities to promote IPSAS adoption.
The institute raises awareness of the importance of IPSAS adoption to a wide range of stakeholders, including its members, through the publication of standard-related articles in the institute’s journal, Accountancy Ireland. It also includes a list of IPSASs, Discussion Papers, and Exposure Drafts issued by IPSASB on its website.
The ICAI is considering providing training or other support to improve public sector accounting in Ireland.
The Chartered Accountants Regulatory Board (CARB) of ICAI shares responsibilities for the I&D system in Ireland and focuses on refining applicable rules and guidance material to maintain an SMO 6 compliant I&D system. The ICAI constantly reviews its I&D procedures, with new Disciplinary Rules coming into effect on August 1, 2015. The ICAI ensures that its I&D procedures are in compliance with SMO 6.
It regularly prepares and provides information and guidance material to members to raise their awareness and enhance their knowledge of disciplinary requirements. CARB prepares an annual report on the I&D system.
CARB provides training for staff involved in the I&D process and tries to ensure that staff members have the necessary resources to carry out their duties. CARB also places emphasis on strengthening the I&D administrative processes and installed a new case management system in 2013.
Although the ICAI does not have any responsibility for the adoption of accounting standards in Ireland, it does support the general adoption and implementation of IFRSs. It provides technical support to the government on EU accounting regulations, and actively participates in the standard-setting process and transposition of EU legislation into national law. The ICAI supported the government in drafting legislation that permitted optional application of IFRSs by entities not required by EU regulation to do so. It participates in ongoing discussions to support convergence of local standards (Financial Reporting Standards issued by the Financial Reporting Council). It disseminates pronouncements issued by the International Accounting Standards Board and participates in the international standard-setting process by providing comments on Exposure Drafts.
The ICAI supports assists members with implementation of IFRSs by offering educational and training opportunities, such as the institute’s Diploma in IFRS. It disseminates updates on new and revised IFRSs to its members and provides information on technical aspects of the standards. The institute also participates regularly with large firms in an IFRS Implementation Group to address standards-related implementation issues.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.