Accounting Structure Of Ireland : An Introduction

1643 WordsJun 11, 20157 Pages
Accounting structure in Ireland: An Introduction The accountancy in Ireland has realized remarkable fame and achievement. In business, the professionals in the country are active as executives and managers, and members and leaders of company board. Moreover, in professional practice, the accountants handle the audit or consultancy needs of corporations, charities, and government. The resourceful profession of accountancy in Ireland shows how the field has achieved this success. Informed by its examination of the wider social and business background, North, and South, the history explains how Irish accountancy was able to restructure itself, its composition and services, as new prospects are opened. In the post-Famine world, the…show more content…
The Accountants started to offer a broader variety of services and expertise to their companies and the customers. The Irish accountancy firms hired external experts and supported active younger partners, throwing off the conventional mantle of the past and presenting themselves as business people offering services to business people. In fact, members of the profession working in the industry came more and more to lead and promote Irish companies. In Ireland, the Irish Auditing and Accounting Supervisory Authority (IAASA) was set up conformity to the provisions of Part 2 of the Companies (Auditing and Accounting) Act, 2003 (the Act). IAASA’s objectives under section 8 of the Act include the supervision of how the recognized accountancy organizations control and monitor their members and the promotion compliance to high professional standards in the auditing and accountancy profession Traditionally, accounting standards were created and approved on a national basis. In Ireland, the country adopted the standards set by the Accounting Standards Board (ASB). The part played of the ASB is to issue accounting standards in the UK. It is recognized as a standard- setting organization in Britain for the purposes of Section 256(1) of the UK Companies Act 1985 and in Northern Ireland for the purposes of Article 264(1) of the Companies (Northern Ireland) Order 1986. There are no similar statutory provisions in the Republic of
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