In order to promote best practice within the Accountancy and Audit Professions, the IIPA requires its Members to adhere to a number of rules in relation to their work. These include, not only the rules for undertaking audit and accounting work (referred to as “Audit Standards” and “Accounting Standards”), they are also required to follow ethical guidelines.
The IIPA reviews the actions of its Members, particularly those offering services to the public, to ensure that they are adhering to these standards. Members who fail to meet the required standards will be either directed to take actions to ensure that they meet the standards in future, or in extreme cases may be subject to investigative and disciplinary action that can result in reprimands, fines, suspension or even exclusion from Membership.
To make all of these things happen we have a number of systems in place. These include:
Members in Practice have their work reviewed by an independent reviewer. Members whose practices are not up to the required standards can have a range of actions taken against them to ensure that their clients receive a service of the required standard.
Investigation and Discipline
Members of the public, or anybody else who has an interest in a matter, may make a complaint about the actions of a Member or Student of the IIPA. These complaints pass through a system that includes the Investigation Committee, the Disciplinary Committee and the Appeals Committee.
Recognised Accountancy Body
The IIPA is a “recognised accountancy body” under the Companies Act 2014. Among many things, this means that the IIPA is subject to oversight by a Government body known as the Irish Auditing and Accounting Supervisory Authority.