Institute welcomes appt of Heather Humphreys as DBEI Minister

Dec 01, 2017

Ireland’s largest accountancy body, Chartered Accountants Ireland today (Fri 1 Dec. 2017) has welcomed the appointment of Heather Humphreys TD as the new Minister for Business, Enterprise and Innovation (DBEI). Chartered Accountants Ireland president, Shauna Greely FCA said:

“On behalf of our 26,000 members in Ireland and overseas, I would like to congratulate Ms Humphreys and wish her every success in implementing the Programme For Government in her portfolio.

“Minister Humphreys takes the helm at a particularly challenging time, with a key Brexit summit imminent that will be vital for the economies north and south of the border. We welcome the fact that she represents a border constituency that has particular exposure to changes to cross-border trade. As one of the few all-island business representative bodies, Chartered Accountants Ireland is acutely aware of the commercial priorities relating to Brexit, particularly of the potential impact on the SME sector.  Ireland must protect the free flow of goods and services across the border post-Brexit, as the difficulties for businesses, particularly agri-businesses, in implementing customs duties will be immense.

“We also urge the new Minister to ensure that she and her Department focuses on effective but proportionate regulation and avoiding unnecessary red-tape and costs in doing business is Ireland.  There are models operating in other jurisdictions that have simplified the regulatory regime, and are worth review. For instance, in the UK, the ‘one-in two-out’ rule could be adopted here. This rule states that, where policymakers need to introduce a new regulation, and where there is a cost to business when complying with that regulation, UK departments have to remove or modify existing regulations to the value of £2 of savings for every pound of cost imposed.

“Looking at regulation within our own sector, the remit of the statutory regulator for the accountancy profession, IAASA has expanded significantly over recent years. IAASA now has responsibility for audit quality assurance for Public Interest Entities and for auditing standard setting in Ireland. It will be important for the Government to ensure that IAASA is adequately resourced in all areas, so that it can properly execute these important functions.  

“My colleagues and I at Chartered Accountants Ireland look forward to discussing these and other important matters with the Minister in the near future.”

ENDS

Reference: Bryan Rankin, Marketing Manager, Chartered Accountants Ireland, T: +353 1 637 7268