Institute of Certified Public Accountants in Ireland
Member | Established: 1926 | Member since 1977
Institute of Certified Public Accountants in Ireland (CPA Ireland) is a voluntary membership organization for Ireland’s Certified Public Accountants and is a Prescribed Accountancy Body and Recognized Accountancy Body in accordance with the Companies Act 2014 in Ireland. The institute is a member of Fédération des Experts-Comptables Europeéns.
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.
According to the Companies Act, CPA Ireland is one of six Recognized Accountancy Bodies (RABs) that are Prescribed Accountancy Bodies that may authorize individuals and firms to conduct statutory audits. The Irish Auditing and Accounting Supervisory Authority (IAASA) oversees the quality assurance (QA) arrangements of the RABs, which are dictated in Statutory Instrument No. 220 of 2010. Beginning in 2016, the IAASA will be responsible for inspecting the auditors/audit firms that audit public interest entities (PIEs). Currently, only three RABs review PIE audits. CPA Ireland does not review PIE audits.
CPA Ireland reports that it has reviewed its QA Bylaws and guidance to ensure compliance with requirements of SMO 1 and the EU 8th Company Law Directive on Statutory Audit. Furthermore, CPA Ireland carries out annual reviews of its QA system to ensure it meets objectives and reacts appropriately to current economic conditions.
CPA Ireland adopts ISQC 1 and includes information on quality control and QA processes in its initial professional development and continuing Professional development. For example, a series of workshops are designed to assist members in the preparation for a QA visit and the development of quality control policies. Standards, guidance, and resources are provided to members via the CPA Ireland website.
According to the Companies Act, the nine Prescribed Accountancy Bodies (PAB) in Ireland share responsibility for initial professional development and continuing professional development requirements (IPD and CPD, respectively) for accountants and auditors, which is overseen by the Irish Auditing and Accounting Supervisory Authority.
As a PAB, CPA Ireland adopts and implements IPD and CPD requirements for its members, which are reported to be in line with the revised requirements of the International Education Standards (IESs). The institute updates its syllabus annually to incorporate revised international standards and information on local taxes, laws, and business practices. It considers proposed IESs annually and makes submissions to the IAESB. CPA Ireland publishes the IESs and makes information papers available via its journal and e-bulletins.
Over the last four years, CPA Ireland has carried out several upgrades to its IT solutions platform for IPD and CPD, including online profiles, book examinations, availability of exam results, as well as CPD courses, monitoring, mentoring, and approval.
The Financial Reporting Council (FRC) is responsible for setting audit standards in the UK and Ireland according to the Companies Act and Statutory Instrument No. 220 of 2010. The Irish Auditing and Accounting Supervisory Authority is responsible for the dissemination of audit standards. ISAs (UK and Ireland) incorporate the requirements of Clarified ISAs issued by the IAASB with specific additions.
Professional Accountancy Bodies (PAB) in Ireland have no responsibility for the adoption of international standards. As a PAB, CPA Ireland plays an important participative role in promoting and supporting the adoption of ISAs, through making contributions to consultation papers and issuing submissions to the FRC on the ongoing convergence of updated ISAs.
CPA Ireland annually updates its IPD and CPD requirements to reflect updates in ISAs. The institute provides guidance and technical support to its members, and has dedicated web pages to providing technical resources to its members. CPA Ireland responds to all relevant IAASB proposals, making members aware of the proposals via e-bulletins.
In accordance with the Companies Act, the nine Prescribed Accountancy Bodies (PABs) in Ireland are responsible for establishing ethical requirements for their members, including applicable standards. In accordance with the Statutory Instrument No. 220 2010, The Irish Auditing and Accounting Supervisory Authority supervises the adoption of ethical standards by PABs in Ireland.
As a PAB, CPA Ireland adopts ethical requirements for its members. The Institute annually reviews its Code of Ethics to ensure it complies with the requirements of the IESBA Code of Ethics. The last revision was in 2011. CPA Ireland annually updates its initial professional development and continuing professional development requirements and resources. The institute also provides ethics resources for its members via its website, and includes articles on ethics within its Accountancy Plus journal.
CPA Ireland is encouraged to consider communicating in its SMO Action Plan its activities to:notify members of all new, proposed, and revised international standards and other pronouncements,provide comments to the international standard setters’ Exposure Drafts, andcontribute to public consultations.
IPSASs have not been adopted in Ireland, and there are no known plans to adopt or converge to IPSASs at this time. The Irish Government is responsible for the adoption and implementation of public sector accounting standards.
Having no responsibility for adoption, CPA Ireland uses its best endeavors to promote and support adoption of IPSASs. A significant number of CPA Ireland’s members work at senior public service levels. CPA Ireland provides policy and technical advice to members on public sector accounting, financial management, performance measurement, and related topics. CPA Ireland has developed a new online program, the CPA Certificate in IPSAS™ Financial Reporting, which was showcased at the World Congress of Accountants in Rome.
The institute publishes details of IPSASB pronouncements through Accountancy Plus and the CPA Ireland’s Members e-bulletin. CPA Ireland solicits views from its member and responds to IPSASB Exposure Drafts of standards and other statements.
In accordance with the Companies Act, the nine Prescribed Accountancy Bodies (PABs) in Ireland and the Irish Auditing and Supervisory Authority share responsibility for the I&D system for members of the profession in Ireland. Whereas each PAB is responsible for the design and implementation of an effective I&D system, the IAASA has authority to supervise the I&D systems of the PABs, as well as investigate cases related to certain listed entities deemed to be of “public concern.”
As a PAB, CPA Ireland is responsible for maintaining an I&D system for its members. The institute updated its I&D Bylaws in 2010. It subsequently reviewed its Bylaws in 2013 and verified that its system complies with the requirements of SMO 6 (revised 2012). CPA Ireland publishes a booklet on its website detailing the CPA Complaints Process.
Having no responsibility for adoption of IFRSs in the UK and Ireland, CPA Ireland focuses on providing implementation support for its members, including having IFRSs in IPD and CPD requirements, publication of IASB Pronouncements on its website, provisions of guidance, technical assistance and advice, as well as a variety of certificates in specific standard areas. CPA Ireland introduced the CPA Certificate in FRS 102, the new accounting standard that replaced all local accounting standards in Ireland.
CPA Ireland comments where appropriate on IASB discussion documents, notifying members and other interested parties.
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.