Professional Standards

What we do

The Professional Standards Department of Chartered Accountants Ireland, along with relevant compliance and disciplinary committees, is responsible for the delivery of the Institute's regulatory and disciplinary obligations which derive both from statute and its own Bye-Laws and Regulations. The Regulatory Policy Board develops Institute policy with regard to regulatory matters and approves Institute Regulations governing regulation & discipline. The Chartered Accountants Regulatory Board (CARB), oversees and supervises how the Institute fulfils its regulatory and disciplinary remit.

Latest news

Professional Standards

Accountancy Europe (previously known as FEE) has published an Information Paper titled “Auditor’s Role in Fighting Financial Crime”. Click here for more information.

Feb 08, 2018
Professional Standards

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) was formally established at the Financial Conduct Authority on 18 January 2018, following the publication of the Oversight of Professional Body Anti-Money Laundering Supervision Regulations. OPBAS has published its Sourcebook on how professional body supervisors can meet their obligations in relation to anti-money laundering supervision. Chartered Accountants Ireland is currently reviewing these latest developments and will provide further updates to firms as required.

Feb 01, 2018
Professional Standards

The Investment Business Regulations have been amended as a result of the following: Recent changes to required compensation arrangements that all IIA authorised firms must have in place. From August 2017 such firms must pay a levy to the Investor Compensation Scheme. The Institute has previously contacted your firm’s Investment Business Compliance Partner in this regard; and Publication by the Central Bank of Ireland of the Minimum Competency Code 2017 and the Minimum Competency Regulations 2017. These amended Investment Business Regulations are effective on 1 February 2018. Background The Central Bank of Ireland (CBI) first introduced Minimum Competency Requirements on 1 January 2007 which established minimum professional standards for principals or employees who provide advice on retail financial products, or arrange, or offer to arrange, retail financial products.  The Minimum Competency Requirements were replaced by the Minimum Competency Code 2011 (MCC 2011).  Since 2011, professional knowledge and competency requirements have been increasingly introduced, or updated, in various EU Directives and guidelines.  The CBI undertook a full review of this. The CBI has now published the Minimum Competency Code 2017 and the Minimum Competency Regulations 2017 which together replace the former Minimum Competency Code 2011 (MCC 2011) as follows: Minimum Competency Code 2017 – replaces Parts 1 (Standards), 3 (Qualification) and Appendices 1-4 of the MCC 2011. Minimum Competency Regulations – replace Part 2 of the MCC 2011 (Requirements on regulated firms). Main Changes The MCC 2011 already imposes staff monitoring requirements on investment business firms in relation to CPD requirements.  The CBI is expanding these requirements to include an annual review which will take account of the personal development and experience needs of staff members, regulatory developments and new retail financial products offered by the firm.  The amendments have been incorporated into the Minimum Competency Regulations. Where required, in order to confirm and evidence a person’s level of experience, the CBI will require that an investment business firm must retain supporting documentation and sign a ‘certificate of experience’ to confirm the relevance and level of the person’s experience.  ‘Grandfathering’ arrangements are only allowable for certain functions and can only be recognised if additional specific conditions in Chapter 1 of the MCC 2017 are met. A Schedule of the Investment Business Regulations affected by these changes is available here. The amended Investment Business Regulations are available here.

Feb 01, 2018

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