Chartered Accountants Ireland

In accordance with the Companies Act 2014, as amended, the Irish Auditing and Accounting Supervisory Authority (IAASA) is responsible for conducting quality assurance (QA) reviews of statutory auditors that audit public interest entities (PIEs). Recognized Accountancy Bodies (RABs)—including the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Accountants Ireland (ICAI), and the Institute of Chartered Accountants of Scotland (ICAS)—are responsible for conducting QA reviews for statutory auditors of non-PIEs, subject to oversight by IAASA. Accordingly, the QA review framework covers all statutory audits performed in the jurisdiction.

ICAI maintains a QA review system for its members that aligns with the requirements of SMO 1. The Chartered Accountants Regulatory Board (CARB), which operates independently within Chartered Accountants Ireland, is responsible for oversight of the Institute’s regulatory and monitoring activities. CARB periodically reviews the regulations and procedures governing the QA review system to ensure continued alignment with international best practices and regulatory requirements.

The Professional Standards Department (PSD) within Chartered Accountants Ireland is responsible for the operational delivery of regulatory functions, including monitoring visits to member firms. Inspections are conducted using a risk-based approach, typically on a cycle of up to six years, with more frequent reviews for higher-risk firms.

Where deficiencies are identified through the QA review process, the Quality Assurance Committee (QAC) may impose remedial actions, including requirements for corrective action plans, restrictions or conditions on registration, or removal of authorization to conduct statutory audits. ICAI monitors the implementation of remedial actions and follows up with firms to ensure deficiencies are addressed.

In addition to regulatory monitoring activities, ICAI supports the implementation of auditing and quality management standards by providing technical guidance, training programs, and educational resources to members and audit firms. The Institute also provides training and guidance for inspectors conducting QA reviews and regularly updates them on developments in auditing and quality management standards.

Through these ongoing activities, ICAI maintains well-established processes that support the operation of a quality assurance review system consistent with the requirements of SMO 1.

Current Status: Sustain

In accordance with the Companies Act 2014, as amended, professional accountancy organizations operating in Ireland share responsibility for establishing initial professional development (IPD) and continuing professional development (CPD) requirements for professional accountants and auditors. The Irish Auditing and Accounting Supervisory Authority (IAASA) oversees the regulatory framework for the profession and monitors the education and training requirements established by Prescribed Accountancy Bodies (PABs).

As a PAB, Chartered Accountants Ireland (ICAI) establishes and implements IPD and CPD requirements for its members through its professional qualification program and continuing education framework. ICAI’s qualification program includes university-level education, professional examinations, structured practical experience requirements, and ongoing CPD obligations designed to support the development and maintenance of professional competence.

ICAI maintains well-established regulations governing its qualification and CPD requirements and periodically reviews and updates its education framework to maintain alignment with the International Education Standards (IES). The Institute offers a broad range of CPD programs, technical courses, and professional development resources for its members and collaborates with universities, training providers, and other professional bodies to support the delivery of high-quality education and training.

ICAI also collaborates with other professional accountancy organizations through the Consultative Committee of Accountancy Bodies (CCAB) and engages with regulators and standard-setting bodies on matters relating to professional education. In addition, ICAI monitors developments issued by the International Accounting Education Standards Board (IAESB) and contributes to consultations on exposure drafts and work programs.

Through these ongoing activities, ICAI maintains established processes to support the implementation of education requirements aligned with the International Education Standards and continues to review and enhance its professional education framework.

Current Status: Sustain

The Companies Act 2014, as amended, specifies that statutory audits in Ireland are to be conducted in accordance with International Standards on Auditing (Ireland) (ISA (Ireland)). ISA (Ireland) are issued by the Financial Reporting Council (FRC) in the United Kingdom and adopted for use in Ireland by the Irish Auditing and Accounting Supervisory Authority (IAASA). These standards are based on the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and incorporate additional jurisdiction-specific requirements applicable in the United Kingdom and Ireland.

As ICAI does not have direct responsibility for the adoption of auditing standards in the jurisdiction, the Institute focuses its efforts on supporting the implementation of auditing and assurance standards and contributing to international standard-setting activities.

ICAI engages regularly with the Financial Reporting Council (FRC) and provides comments on exposure drafts and consultation documents issued by the FRC and the IAASB. The Institute also participates in technical working groups and committees organized by Accountancy Europe and other regional bodies that focus on audit and assurance developments.

To support the implementation of auditing standards by its members, ICAI undertakes a range of education, guidance, and awareness-raising activities. The Institute disseminates updates on developments in auditing and assurance standards through electronic communications, publications, and its website. ICAI’s Audit and Assurance Committee develops guidance and technical resources for members on auditing and assurance topics, including guidance relating to audit regulations and professional standards.

ICAI also collaborates with other Recognized Accountancy Bodies operating in the jurisdiction to develop practical implementation tools and resources that assist auditors in applying ISA (Ireland). These materials are made available through the Institute’s knowledge and technical resource platforms.

Through these activities, ICAI actively supports the effective implementation of auditing standards and maintains established processes to monitor developments in international auditing standards.

Current Status: Sustain

In accordance with the Companies Act 2014, as amended, professional accountancy organizations operating in Ireland share responsibility for establishing ethical requirements for their members. The Irish Auditing and Accounting Supervisory Authority (IAASA) oversees the regulatory activities of Prescribed Accountancy Bodies (PABs), including the adoption and implementation of ethical standards applicable to professional accountants and statutory auditors.

Ethical requirements for statutory auditors in Ireland are established through the Ethical Standard applicable in the United Kingdom and Ireland, issued by the Financial Reporting Council (FRC) and adopted for use in Ireland by IAASA. The Ethical Standard is based on the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) and incorporates additional jurisdiction-specific provisions.

As a PAB, Chartered Accountants Ireland (ICAI) establishes ethical requirements for its members through its Code of Ethics, which is based on the International Code of Ethics for Professional Accountants. ICAI periodically reviews and updates its ethical requirements to maintain alignment with developments in the international Code and relevant regulatory requirements in the jurisdiction.

ICAI and the Chartered Accountants Regulatory Board (CARB)—which operates independently within Chartered Accountants Ireland and is responsible for regulatory oversight of the Institute’s activities—support the implementation of ethical requirements through guidance, awareness-raising activities, and professional development initiatives. The Institute disseminates updates on developments in ethics standards through publications, electronic communications, and technical resources.

ICAI and CARB also organize learning events and professional training programs on ethics and professional conduct and incorporate relevant ethics-related topics into continuing professional development programs and student training materials. In addition, ICAI monitors amendments issued by the IESBA and contributes to international consultations on proposed revisions to the Code.

Through these activities, ICAI maintains established processes to support the implementation of ethical requirements aligned with the International Code of Ethics for Professional Accountants.

Current Status: Sustain

The Irish Government is responsible for establishing and implementing public sector accounting standards in Ireland. Public sector financial reporting frameworks are determined by government authorities, and International Public Sector Accounting Standards (IPSAS) have not been formally adopted for application in the jurisdiction.

Although Chartered Accountants Ireland (ICAI) does not have direct responsibility for the adoption of public sector accounting standards, the Institute undertakes activities to promote awareness and understanding of IPSAS and international developments in public sector financial reporting.

ICAI has established a Public Sector Network Group, which provides a platform for members working in the public sector to discuss emerging issues, share experiences, and consider developments in public sector financial management and reporting. The Network Group also organizes seminars and events on topics of relevance to the public sector, including developments in international public sector accounting standards.

The Institute promotes awareness of IPSAS and other public sector reporting developments among its members and stakeholders through publications, technical updates, and professional resources. Articles addressing public sector reporting issues are periodically published in the Institute’s journal, Accountancy Ireland, and information on IPSAS standards, exposure drafts, and discussion papers issued by the International Public Sector Accounting Standards Board (IPSASB) is made available through ICAI’s online technical resource platforms.

Through these activities, ICAI contributes to raising awareness of international public sector financial reporting developments and supports dialogue on the potential application of international standards in the jurisdiction.

Current Status: Sustain

In accordance with the Companies Act 2014, as amended, professional accountancy organizations and the Irish Auditing and Accounting Supervisory Authority (IAASA) share responsibility for the system of investigation and discipline (I&D) in Ireland. Prescribed Accountancy Bodies (PABs) are responsible for establishing and operating investigation and disciplinary systems for their members, while IAASA operates the investigation and disciplinary framework for statutory auditors of public interest entities (PIEs) and oversees the regulatory activities of the professional accountancy bodies.

Within Chartered Accountants Ireland (ICAI), the Chartered Accountants Regulatory Board (CARB) operates independently and is responsible for oversight of the Institute’s regulatory functions, including the investigation and disciplinary system. CARB periodically reviews the Institute’s regulations and procedures to ensure continued alignment with the requirements of SMO 6 and relevant regulatory developments.

The Professional Standards Department (PSD) within ICAI is responsible for the day-to-day administration of regulatory and disciplinary processes, including the investigation of complaints against members and member firms. When complaints are received, they are assessed to determine whether they constitute disciplinary matters. Where appropriate, matters are investigated and may be referred to the Conduct Committee for further consideration.

Formal disciplinary cases are adjudicated by an independent Disciplinary Tribunal, which determines whether allegations have been proven and may impose sanctions in accordance with the Institute’s disciplinary bye-laws. Members have the right to appeal decisions to an Appeal Tribunal, which may uphold, vary, or rescind disciplinary decisions in accordance with established procedures.

ICAI supports the operation of its investigation and disciplinary system through training programs for staff involved in disciplinary processes and through ongoing review of regulatory procedures. The Institute also provides guidance and information to members on professional conduct requirements and disciplinary procedures through its Complaints Gateway and other technical resources.

Through these processes, ICAI maintains a well-established investigation and disciplinary framework consistent with the requirements of SMO 6.

Current Status: Sustain

The Companies Act 2014, as amended, establishes the financial reporting framework applicable to companies in Ireland, including requirements relating to accounting standards and financial reporting thresholds. In accordance with European Union legislation and national law, companies whose securities are admitted to trading on a regulated market are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union.

Other entities may prepare financial statements using alternative frameworks permitted under Irish law, including FRS 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, issued by the Financial Reporting Council (FRC), or IFRS Accounting Standards as adopted by the European Union. In certain limited circumstances, other approved accounting frameworks, such as US GAAP, may also be permitted.

Although Chartered Accountants Ireland (ICAI) does not have responsibility for the adoption of accounting standards in the jurisdiction, the Institute actively supports the implementation and application of IFRS. ICAI engages with government authorities and regulatory bodies on matters related to financial reporting and contributes to discussions on the implementation of European Union accounting legislation and related regulatory developments.

ICAI participates in the international standard-setting process by responding to exposure drafts and consultation documents issued by the International Accounting Standards Board (IASB) and other relevant bodies. The Institute also disseminates updates on new and revised IFRS through publications, electronic communications, and technical resources available to members.

To support members in applying IFRS, ICAI provides technical guidance, training programs, and professional education initiatives, including specialized courses such as the Diploma in IFRS. The Institute also facilitates discussions among practitioners on IFRS implementation issues and promotes knowledge sharing among members and firms.

Through these activities, ICAI maintains established processes to support the effective implementation of IFRS Accounting Standards within the jurisdiction.

Current Status: Sustain