The Irish Auditing and Accounting Supervisory Authority has recommended to the Minister for Trade & Commerce, Michael Ahern, that the term ‘accountant’ should be afforded statutory recognition.
In a statement issued today Minister Ahern indicated he was now referring the issue to the Company Law Review Group for further consideration.
The IAASA are recommending that people should be allowed offer ‘accountancy’ services like book keeping but unless they are appropriately regulated they would not be entitled to call themselves accountants.
This would mean that entitlement to use the term accountant would be restricted to the membership of the nine prescribed accountancy bodies and those separately registered by the state as auditors.
The Institute of Chartered Accountants in Ireland (ICAI) said:’We welcome the IAASA report, particularly its acceptance that affording some form of recognition to the term accountant is a consumer protection issue.’
The Institute of Certified Public Accountants said hopefully legislation will be introduced quickly and rigorously enforced.
‘Far too frequently we receive calls from members of the public who believe they have engaged qualified accountants only to find out, to their loss, that the individuals are unqualified and not competent to act on their behalf’, a spokesman said.