In 2007, Chartered Accountants Ireland (CAI) established the Chartered Accountants Regulatory Board (CARB) as an operational independent body to carry out its regulatory and disciplinary functions. CARB was responsible for processing all complaints made in relation to chartered accountants in Ireland.
Recent changes have been made to the Bye-Laws of CAI which are reflective of recent European audit reform measures. The changes to the governance structure of CAI mean that responsibility for regulatory and disciplinary functions has reverted to CAI.
As of 1 January 2017, the department of CAI responsible for processing complaints will now be known as “Professional Standards”.
CARB will remain an independent board, responsible for the supervision of how CAI discharges the regulatory and disciplinary functions. This responsibility of CARB includes the oversight of the fairness, impartiality, rigour, independence and integrity of the regulatory and disciplinary processes.
The CARB name and logo will be reserved solely for matters concerning the CARB Board itself, including its Annual Report and Regulatory Plan.