The Institute of Chartered Accountants in Ireland (ICAI) has published its response to the new statement of strategy from the Office of the Director for Corporate Enforcement.

In its submission ICAI calls for a single legislative approach to the varied reporting obligations by auditors and for the ODCE to adopt a code of conduct with regard to its dealing with auditors.

Commenting, ICAI Director of Representation and Technical Policy, Aidan Lambe said:

“We welcome this opportunity to comment on the strategy of the ODCE and six years after the establishment of the office on a statutory basis we regard it as an appropriate time for the Office to commit itself once again to its core statutory functions.

In our submission, ICAI is seeking a single approach to the whistleblowing obligations on auditors which are currently dealt with under Criminal Justice, Taxation and Companies legislation.  The ODCE relies hugely on auditors reports and we are of the view that there is a corresponding obligation to make the reporting process and coherent and consistent as possible.  We believe that such an approach would enhance the ODCE’s effectiveness.

We would also like to see the ODCE adopt a code of conduct setting out its policy in relation to interaction with auditors.  Such a code might include details of how the office deals with auditors reports of suspected indictable offences, a timeframe for action following an auditors’ report and some clarification as regards the role of the Gardaí.  We would also welcome from the ODCE a stated focus on pursuing as a priority cases of significant or repeated misconduct.

We would also like to see a more co-ordinated approach to Government and regulatory agency policy making in this area particularly with regard to avoiding duplicative processes between one agency and another.

Finally, we noted and welcomed the ODCE review of its practices in relation to High Court restrictions following the Tralee Beef and Lamb judgement.”