Accountancy supervisor calls for more staff

Tuesday 01 July 2014 16.27
IAASA completed 32 examinations of financial statements during 2013
IAASA completed 32 examinations of financial statements during 2013

The body which oversees the accountancy profession says it needs a significant increase in staffing to help it fulfill its regulatory remit.

In a statement in the Irish Auditing and Accounting Supervisor Authority’s annual report, chairperson Brendan Walsh said its current level of resourcing was “placing limitations” on its ability to supervise the industry here.

The IAASA currently employs 13 people and supervises nine prescribed accountancy bodies in Ireland, which cover 32,641 members across 1,603 firms. 

Mr Walsh said the risks arising from its lack of resources were the main concern for the association’s board, adding that the need to reduce public sector costs must be balanced against the importance of the IAASA’s role.

Over the past year he had engaged with Minister for Enterprise Richard Bruton on the matter, Mr Walsh said, and would continue to do so in order to find a resolution.

According to its annual report, the IAASA completed 32 examinations of financial statements during 2013, raising 131 matters in respect of these.

Companies including Aer Lingus, CRH, Glanbia and Bank of Ireland were subject to examinations during the year.

IAASA also said it received 18 complaints during the year and provided responses to 138 enquiries.

According to the report, the body’s CEO Helen Hall received total remuneration of €118,480 during the year.