Chartered Accountants Ireland Formally ICAI is a professional accountancy body in the Republic of Ireland and Northern Ireland.
It is the sole organisation in Ireland with the right to award the Chartered Accountant designation.
Founded in 1888, the Institute remained as a single body during and after the Partition of Ireland in 1922. As of 2009, it has 17,000 members and is considered to be both an Irish and British professional body.
Members of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA.
The Institute has mutual recognition agreements in place with its peer institutes in England & Wales, Scotland, Australia, Canada, South Africa, New Zealand, Hong Kong and the United States of America. Qualifying members of the Institute may also benefit from the European professional qualification directives
ICAI is part of the Consultative Committee of Accountancy Bodies and members are authorised to conduct audit, insolvency and investment business work.
ICAI is one of Ireland's six Recognised Accounting Bodies regulated by the Irish Auditing and Accounting Supervisory Authority (IAASA) which approves accountancy bodies to issue Audit Practice Certificates and "Registered Auditors".
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Current Developments
In 2007 the Chartered Accountants Regulatory Board was established to develope Standards of Professional Conduct and to supervise the compliance of members, member firms, affiliates and students.
[1][2]They initiated an investigation into the "circumstances around the issue of inappropriate directors' loans at Anglo Irish Bank"and into the performance of Ernst and Young.[3] Independent Senator, Shane Ross in 2009 said the Institute "ranks with the Financial Regulator as the winner of the wooden spoon for watchdogs".[4]
Council
The Council is the highest governance organ of the Institute, determining its strategy and policy, and deciding on the allocation of resources to its various programmes. The Council consists of a total of 23 members with a possible addition of 3 co-optees. The bye-laws make provision for a geographical spread of Council members between the Republic of Ireland, Northern Ireland and Great Britain and for a balance between members in practice and members in business.
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External links
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