The IIPA is a “Recognised Accountancy Body” under the Companies Acts, but what does this mean?
A Recognised Accountancy Body is an accountancy body that has been granted recognition under under section 930 of that Act for the purposes of the 2010 Audits Regulations or section 1441. A recognised accountancy body is permitted to authorise its members and/or member firms to perform audits under the Companies Acts, provided that those members and/or member firms satisfy certain additional conditions;
The key authorisation this brings is that the IIPA is empowered to authorise individuals, firms and Companies as Statutory Auditors. This obviously brings a range of related obligations around education and training, quality assurance, and member discipline.
All Recognised Accountancy Bodies (including the Institute of Incorporated Public Accountants) are also “Prescribed Accountancy Bodies”. A Prescribed Accountancy Body is any accountancy body that comes within the supervisory remit of IAASA under the Companies Act. There are currently nine PABs each of which has its own formal system for dealing with complaints relating to its members/member firms, including, where necessary an investigation and disciplinary process.
- Personal Insolvency Practice;
- Corporate Insolvency Practice (Companies Act 2014);
- Auctioneers Accountants Report;
- Direct Professional Access to Members of the Bar Council of Ireland;
- Auditors Statement on Community Employment Schemes for the Department of Social Protection;
- Regulatory Body for the Purposes of Anti-Money Laundering Compliance;
- Mortgage Arrears Resolution Process (keepingyourhome.ie);
- List of professional associations or organisations fulfilling the conditions of Article 3(2) Directive 2005/36/EC on the recognition of professional qualifications;
- Travel Agent licence application audited accounts Travel Agents (Amendment) Regulations 2012 and annual audited/certified accounts;
- Road Haulage Operator License A duly accredited person is any person that is listed in the register of auditors maintained by the Registrar of Companies for large companies or a person that is a full member of a body of accountants recognised by the Minister for Jobs, Enterprise and Innovation for all other applicants;
- Solicitors Accounts Regulations – Reporting Accountant;
- Auditors Certificate for a Supported Employment Programme from The Department of Social Protection;
- Schools – “Boards of Management are required, under the Education Act 1998, to keep accounts of income and expenditure. A financial report should be prepared annually. The accounts should be properly audited or certified in accordance with best accounting practice on a yearly basis. There is no strict definition of the term “certified” but it suggests that a suitably qualified accountant is satisfied that the accounts are both properly presented and accurately reflect the underlying records. An “Accountant’s Report” appended to the accounts would typically place responsibility for the completeness and accuracy of the underlying records on the Board of Management;
- Audit required by voluntary groups in line with Department of Finance Circular No. 17/2010;
- Regulatory body or Government Minister that regulates the entry to or carrying on of the profession of the foreign national or of the employment concerned under Employment Permits Regulations 2014;
- Multi-Unit Developments Act 2011 – (15) An owners’ management company shall maintain sufficient and proper records of expenditure incurred by it to enable appropriate verification and audits to be undertaken;
- Irish Sports Council requirement for – National Governing Bodies for Sport Organisations in receipt of the following total amounts must include in their fi nancial statements:
- (a) below €25,000, an independent accountant’s report from an accountant with a recognised accountancy qualification;
- (b) in excess of €25,000, accounts fully audited by a registered auditor to include a signed audit opinion specifying the auditor’s name and address; and
- (c) in excess of €200,000, a statement from the NGB’s auditor that each grant was expended for the purpose for which it was intended by the ISC.
- Enterprise Ireland require an audit for grants of €250,000 or more otherwise an independent accountants report.
- Charities Act 2009 (when fully implemented) may require charities to have audits undertaken where their turnover levels are as low as €50,000.