Meet The Regulators

These people make sure auditors are doing their job correctly.

The Chartered Accountants Regulatory Board (CARB)

This body is responsible for standards of professional conduct within Chartered Accountants Ireland and supervising the compliance of members, member firms and students. CARB is responsible for issuing the practising certificates required for members to practice.

CARB will conduct practice reviews on its members to ensure compliance is met with the rules and regulations of the Chartered Accountants Ireland as well as all order relevant laws and regulations.

In order to ensure high standards are maintained in its members, CARB also oversee ensuring members keep their continuous professional development up to date.

Irish Auditing and Accounting Supervisory Authority (IASSA)

This is an umbrella body set up under statute to supervise how accountancy bodies regulate their members. In has the following functions:

Regulatory supervision

  • supervising the manner in which the prescribed accountancy bodies regulate their members
  • supervising the manner in which the recognised accountancy bodies monitor those of their members and member firms authorised to act as auditors under the Companies Acts;
  • examining the prescribed accountancy bodies’ regulatory and monitoring plans and annual reports;
  • liaising with other countries’ oversight Authorities;
  • the ongoing development of policies and procedures pertaining to the supervision of the profession;
  • assisting the Board to discharge its functions as an advisor to the Minister.

Financial reporting supervision

The function of IAASA’s Financial Reporting Supervision Unit is to examine the compliance of certain entities’ periodic financial reporting with relevant reporting frameworks, i.e. applicable accounting standards (in the main International Financial Reporting Standards (IFRS) and Irish Generally Accepted Accounting Practice (GAAP)) and relevant legislation.

The Office of the Director of corporate enforcement (ODCE)

The ODCE acts as equivalent to the Director of Public Prosecutions with regard to company law as opposed to criminal law.

One of the important functions of the Director of Corporate Enforcement is to encourage compliance with the requirements of the Companies Acts.

The investigative and enforcement function of the Director is quite extensive.  His main legal powers arise in the following areas:

  • the initiation of fact-finding company investigations;
  • the prosecution of persons for suspected breaches of the Companies Acts;
  • the supervision of companies in official and voluntary liquidation and of unliquidated insolvent companies;
  • the restriction and disqualification of directors and other company officers;
  • the supervision of liquidators and receivers and
  • the regulation of undischarged bankrupts acting as company officers.

What questions do you have?

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