IAASA has published a consultation paper on its draft work programme for the period 2023-2025.
ACCA welcomes the opportunity to comment on IAASA’s proposed Work Programme for the period 2023-2025. We therefore hope that our feedback will assist IAASA in finalising the work programme.
Ensuring Ireland has a strong regulatory environment and a high-quality auditing and accounting profession is important to our future members, members and firms in Ireland. We are therefore pleased to be able to support IAASA in the effective achievement of its strategy over the next
three years.
ACCA is supportive of IAASA’s draft Work Programme which clearly sets out the key strategies and activities that the Authority will pursue in the period 2023-2025. Overall, the forthcoming strategic period appears to be one of consolidation rather than of significant new direction, as the improvements to regulation and standards will require time to embed and deliver the desired outcomes.
Oversight of the professional accountancy bodies is critical to the effective regulation of the accounting profession in Ireland in the public interest, and open and constructive engagement with the professional bodies is therefore a key element of the Work Programme 2023-2025. Over the next strategic period, IAASA should prioritise supporting and promoting the high standards of qualified and regulated accountants, in particular with the Government and general public. It will also be important to engage with the UK regulator as it transitions to the Audit, Reporting and Governance Authority (ARGA).
The content of the Work Programme is determined by Section 910 of the Companies Act (the Act) and therefore it broadly follows the structure of the current programme. However, we believe there is an opportunity to set out more detail about resources, challenges and opportunities, and
how success will be measured. This additional information would provide greater transparency and accountability in terms of how IAASA is progressing its key strategies, activities and outputs, and measuring the Authority’s success in furthering its objects and performing its functions. The suggested enhancements are highlighted in our responses to the questions raised where appropriate. We have also identified some spelling and grammatical errors and trust that these will be amended in the final publication.
To read the response in full, please download the consultation PDF document.