The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the publication of new guidelines on the application of auditing standards by the Auditing Practices Board (APB).
ICAI chief executive Mr Brian Walsh said the guidelines were part of a rolling programme of updating guidance for auditors of financial institutions.
Entitled The Audit Of Insurers In The Republic Of Ireland,the bulletin contains guidance to help auditors comply with new reporting responsibilities under the Irish Company Law Enforcement Act 2001.
It was developed jointly by the APB, the Office of the Director of Corporate Enforcement and the Consultative Committee of Accountancy Bodies-Ireland.
The Company Law Enforcement Act amended Section 194 of the Companies Act 1990 by introducing a requirement that auditors report to the Director of Corporate Enforcement instances of the suspected commission of indictable offences under the Companies Acts by a company, its officers or agents.
"Auditors need to be very conscious of the new legislation which requires them to report certain Companies Acts offences to the Director of Corporate Enforcement," APB chairman Mr Ian Plaistowe said.
"The scope of the legislation [there are over 125 indictable offences under the Companies Acts] and the nature of the judgments that are likely to be necessary suggest that auditors may have difficulty in responding in a consistent manner to the new legislation".