Accountants
Firms and corporates established in Ireland will retain rights under the EU Audit Directive. The accounting and audit professions in the UK and Ireland are very closely linked. They operate to a significant extent, under the same accountancy framework. The prescribed and recognised accountancy bodies are set out in the Irish Auditing and Accounting Supervisory Authority’s website. The principal UK bodies are directly recognised on the same terms as the Irish bodies, some of which are essentially sister organisations
A Prescribed Accountancy Body is an accountancy body that comes within the supervisory remit of the Authority. There are currently eight prescribed bodies:
- ACCA – Association of Chartered Certified Accountants;
- AIA – Association of International Accountants;
- CIMA – Chartered Institute of Management Accountants;
- CIPFA – Chartered Institute of Public Finance & Accountancy;
- ICAEW – Institute of Chartered Accountants in England & Wales;
- ICAI – Institute of Chartered Accountants in Ireland;
- ICAS – Institute of Chartered Accountants of Scotland; and
- ICPAI – Institute of Certified Public Accountants in Ireland.
Recognised Accountancy Body
A Recognised Accountancy Body is an accountancy body that has been granted recognition under the Companies Act 2014. A recognised accountancy body is permitted to authorise its members and/or member firms to perform statutory audits and to register firms from other EU Member States to perform audits under the Companies Act, provided that they satisfy certain additional conditions.
There are currently five recognised bodies:
- ACCA – Association of Chartered Certified Accountants;
- ICAEW – Institute of Chartered Accountants in England & Wales;
- ICAI – Institute of Chartered Accountants in Ireland;
- ICAS – Institute of Chartered Accountants of Scotland; and
- ICPAI – Institute of Certified Public Accountants in Ireland.
Solicitors
The legal professions in Ireland are very similar to those in England and Wales and the Northern Ireland. Solicitors are regulated by the Law Society. Barristers are regulated, principally by the Bar Council. Both professions will be regulated by the newly established Legal Services Regulatory Authority in the near future.
Unless the Law Society otherwise determines, a solicitor whose first-place of qualification is England and Wales or Northern Ireland may join the roll of solicitors in Ireland without passing the qualified lawyers transfer test
Entry on the roll of solicitors allows a solicitor to take up a practising certificate in the Republic of Ireland. The requirements including those for accounts, code of conduct, audit and professional indemnity insurance are very similar to those applied by the Solicitors Regulation Authority in England and Wales.
Barristers
The Honourable Society of Kings Inns is the law school for barristers in Ireland and is designated the competent authority for the profession of barrister in Ireland under the Qualifications Directive. Members of the Bar of Northern Ireland and the Bar of England and Wales who have been in practice for at least three years, may be admitted to the Society without examination and without keeping terms subject to production of evidence that they are in good standing with their home bar.