Representation Issues Top The Autumn Agenda at ICAI
Author:
Vincent Sheridan
Now that what passed for a summer is over, ICAI activity is underway once more with renewed vigour.
On the representations front, we are working with Government and regulators on the transposition of the new auditing directive. Over the summer the European Commission published accounting simplification proposals which would impact radically on small businesses. These would include removing filing requirements to the CRO for many small companies. It will be interesting to see the official response to these proposals.
The SME sector is also a focus for attention at both the ASB and the IASB who are considering a new standard for the sector.
The Company Law Review Group will recommence its deliberations on issues like auditor liability and regulation of the term ‘accountant’ which have been to the forefront of ICAI’s agenda for some time.
With the political season kicking off again, we will be making representations regarding the December Budget alongside our CCAB-I colleagues. In addition, Minister Cowen will be giving his annual pre-Budget address to the Leinster Society of Chartered Accountants on the 17th of this month (October). We have also worked with the Institute of Directors on a submission on the taxation difficulties facing company directors in particular.
Our Institute has also taken the lead role in promoting the adoption of a 12.5% Corporation Rate in Northern Ireland. We have been active in this regard in Dublin, Belfast and London and there is every indication that our work on this issue, as an all-Ireland professional body, has been recognised and appreciated both North and South of the border.
Bringing some of this work together, we are hosting a Regulators Conference in Druids Glen on November 23rd/24th. This is a unique opportunity for practitioners to listen first hand to the perspectives of those who impose the conditions under which we all work. The first of these conferences, held two years ago, was a great success and we hope to build on this in Wicklow. On this occasion the Conference is being addressed by the new Minister for Trade and Commerce, John McGuinness, who has already been making strong noises about the dangers of overregulation and red tape. I would like to take this opportunity of welcoming Minister McGuiness to his portfolio and commending his predecessor, Michael Ahern.
Before the Regulators Conference, Eamon Gilmore, the new Leader of the Labour Party, will be the guest speaker at the Institute’s Annual Dinner to be held in the Burlington Hotel on November 2nd. It will be interesting to hear the thoughts of one of the new leaders on the block since the General Election on business and economic issues in particular.
This month’s Accountancy Ireland cover is a little different featuring as it does the characters from our TV, cinema and online commercial. This advertising is a significant investment by ICAI in securing the growth in student numbers we need to ensure the viability of the profession going forward. ICAI has led the way in marketing our qualification in recent years and we are proud to be the first Irish or UK body to take to the airwaves in this fashion.
There is considerable activity also on a number of other fronts. At its meeting in September, Council agreed to a more flexible approach to securing additional numbers through the training through business route. This initiative had held the status of a trial project for far too long and it has been decided that we should tackle it head on.
Some interesting figures published recently attest to the improved performance of ICAI. For example, the report published by the Professional Oversight Board in the UK indicates that ICAI has achieved higher annual growth than any other body recognised under UK company law. Similar figures published in the Republic of Ireland reflect growth in our student market share in this country.
Progress on our new premises in Pearse Street is continuing and happily to date no significant unforeseen complications have arisen. As things stand we remain on course to be in the new building by summer 2009.