Chartered Accountants Regulatory Board OPERATIONAL PLAN 2010

Transcription

1 Chartered Accountants Regulatory Board OPERATIONAL PLAN 2010

2 OPERATIONAL PLAN 2010 Contents Purpose, Mission & Values Chairman s Statement Director s Statement Strategic Objectives and

3 Purpose, Mission and Values Our Purpose To regulate members of Chartered Accountants Ireland independently, openly and in the public interest. Our Mission To deliver a regulatory system of the highest quality thereby enhancing the confidence of all stakeholders. Our Values We: Act in the public interest. Apply the highest standards of integrity and objectivity in all actions and decisions. Conduct our business in an open, transparent and courteous manner. Respect the rights of all stakeholders. Operate in an efficient and effective manner. Respect and value each other as colleagues.

4 Chairman s Statement As we enter the fourth year of the operation and development of the Chartered Accountants Regulatory Board, it is my privilege to take over as Chairman. My own background is from the broad world of business and I come to this task at a difficult and challenging time for the accountancy profession. The purpose of the Board will be to continue to resolutely and openly regulate all Chartered Accountants Ireland members in the public interest. We will consistently apply the laws of the different jurisdictions and rules of the profession in a transparent and courteous manner. I learnt from my period as Chairman of the Civic Forum in Northern Ireland that public interest does not negate self interest. Instead, public interest incorporates self interest if, and only if, it is something that is good for the community as a whole. Public interest means that there are common interests among individuals. It means that there is consensus about common goals, and it means that there are interests that are just good for the community, as a community, as opposed to as individuals. Yet, good public policy is something that combines the needs of the individuals with the needs of the community. This is an issue which is testing all of us, as we struggle with the consequences of a buoyant period of plenty and face the inevitable correction to rebuild our economy. We have taken a number of steps in the past year which have received the support of Chartered Accountants Ireland and which will ultimately define a number of areas for action by us in the future. The Chartered Accountants Regulatory Board seeks to work with its various stakeholders, especially government bodies responsible for the development of legislation impacting on our functions and with our oversight boards to ensure that all businesses and agencies are well served by an efficient, effective and appropriately regulated profession delivering a responsible service. As changes in the area of regulation continue unabated and as globalisation increases the pressure on us all, it is essential that Ireland continues to conform to international standards for accountants in order to maintain its competitiveness. I look forward to working with both the Board, which is determined to lead the Committees essential to the work of the Board, and the Director and her team to ensure the standards of Chartered Accountants are maintained.

5 Director s Statement In 2008 we published our first three year Strategic Plan to guide our work for the period In our 2009 Operational Plan we noted satisfactory progress and expressed our satisfaction at the overall strategic approach we had set. Our strategic approach for 2009 and 2010 was summarised as follows: 2009 Actively challenge all existing regulatory concepts, identify any core changes and consult as appropriate Implement changes identified in 2009 having received all necessary legal approvals. In June 2009 the Board, Committee Chairmen, and management team reviewed the Strategic Plan including our strategic goals for continued validity and to identify key areas for The Board expressed satisfaction with the progress made in In 2009, as indicated in our Strategic Plan, we reviewed the way in which we delivered regulation which involved a significant move to webbased tools in meeting our regulatory objectives both in relation to the provision of information and the submission of returns; a review of the various standards of professional conduct and a review of our monitoring approach. The work in 2009 leaves us well placed to implement changes in As stated in our Strategic Plan , the Board believes the purpose of regulation is to increase the confidence of those using the services of the persons subject to regulation by CARB. The Board is committed to delivering a fair and proportionate regulatory system whilst acting in the public interest. We believe that our regulatory approach will ensure Chartered Accountants achieve the highest quality of professional work and thus increase public confidence. The Board believes a proportionate approach to regulation should ensure that there is an appropriate balance between the advantages of regulation and the additional cost and administrative burdens it imposes. In this regard we strongly support a principles and risk-based approach. As we have previously stated, we recognise that the environment in which we operate continually changes and we need to be flexible in our approach to address the challenges. We believe our risk-based approach allows us to continue to adapt to meet the needs of stakeholders. As 2010 will be a year of implementing change, the Board s primary goal will be to continually develop and enhance relationships with our stakeholders and increase communications with the public and members of Chartered Accountants Ireland. The Board also intends to work closely with regulatory policy makers nationally and internationally with a view to influencing the regulatory environment in which CARB operates. The major priorities in 2010, which have been developed to support the Board in the delivery of its strategic goals, include: Further developing our communications programme for stakeholders, including additional publications, meetings and roadshows. Increasing our contribution to the development of relevant legislation and standards, nationally and internationally. Continuing the process of simplifying our Standards of Professional Conduct and developing further guidance to foster an improved understanding of the standards. Implementing our Monitoring Plan for Continuing to develop our use of web based tools to manage the regulatory functions of the CARB, efficiently and effectively.

6 In all of the above we will continue to actively cooperate with legislators, oversight bodies and other professional organisations and consult with our key stakeholders on all matters of importance.

7 Strategic Objectives and 2010 Strategic Objective 1: Relationships with Stakeholders We will build relationships of mutual trust and respect with all our stakeholders by behaving objectively, competently and with integrity. We will co-operate with legislators, oversight bodies and other professional organisations to enable the Board to contribute to and influence the development of national and international regulatory policy. 1.1 Prepare and submit timely reports as required by and agreed with the government and oversight bodies 1.2 Cooperate with all oversight bodies in the exercise of their statutory functions 1.3 Provide reports to Chartered Accountants Ireland members and Council as required under the Bye-laws and Regulations and as agreed between the Board and the Council in our Memorandum of Understanding 1.4 Further develop our communication and consultation approach with the Chartered Accountants Ireland Council and sub committees of Council 1.5 Cooperate with our sister accountancy bodies in the development of Standards of Professional Conduct through the joint regulatory committees 1.6 Further develop relationships with legislators, regulators and other professional organisations 1.7 Work with Irish and UK legislators and oversight bodies to ensure that the Board contributes to the development of policy on regulation, nationally and internationally 1.8 Refine and implement our communications plan to develop and build engagement with the public, policy makers (government and oversight bodies) and members of Chartered Accountants Ireland 1.9 Maintain and further develop our website as our critical means of communication 1.10 Increase our communications and interaction with members of Chartered Accountants Ireland by issuing guidance documents and presenting at seminars 1.11 Introduce a new document management system to provide a secure means of electronically storing documentation

8 Strategic Objective 2: Professional Standards We will set Standards of Professional Conduct which are straightforward and clear; capable of being complied with and enforced; and are fair, proportionate and in the public interest. 2.1 Issue revised Audit Regulations and Guidance implementing legislative changes in Ireland resulting from the EU 8 th Directive provisions 2.2 Carry out a phase 2 simplification of the Investment Business Regulations including incorporating any legislative changes 2.3 Update and issue the revised Code of Ethics for implementation on 1 January Support the development of domestic legislation by co-operating and participating with national and international government bodies 2.5 Continue the in-depth review of all professional standards with a view to streamlining and simplifying them 2.6 Develop guidance to foster an improved understanding of the professional standards 2.7 Work with the Minister for Justice and Chartered Accountants Ireland in the implementation of the Criminal Justice Bill 2009 in relation to the introduction of the provisions of the EU Anti Money Laundering Directive in the Republic of Ireland. Strategic Objective 3: Professional Authorisation We will ensure that Chartered Accountants comply with their responsibilities to hold appropriate authorisations and registrations by operating an efficient and effective system of professional authorisation. 3.1 Implement the General Affiliate Regulations and consider applications for general affiliate status 3.2 Monitor our online Practising Certificate renewal facility 3.3 Work with the Department of Enterprise Trade and Employment and the Department of Business Innovation and Skills in relation to the implementation of the provisions of the Services Directive in Ireland and the UK 3.4 Implement amendments to the authorisation procedures deriving from the revised Investment Business Regulations 3.5 Introduce a new Insolvency on-line licence and annual return process

9 Strategic Objective 4: Quality Assurance We will ensure Chartered Accountants provide services of the highest quality, competently, honestly and with integrity by operating a risk-based approach to monitoring through the annual assessment of information and periodic on site inspections. 4.1 Implement our Monitoring Plan 4.2 Continue to develop and implement our regime for monitoring compliance with the CPD Regulations 4.3 Develop a new inspection database to allow for the timely production of reports 4.4 Further develop our Money Laundering supervisory approach Strategic Objective 5: Discipline We will ensure the thorough investigation of complaints against Chartered Accountants in a fair and proportionate manner to determine if any misconduct has occurred and take disciplinary action when required. 5.1 Implement the Disciplinary Bye-laws approved by Chartered Accountants Ireland members in Continue to review and refine processes and procedures to reflect members and complainants feedback and to take account of any recommendations on best practice from the Bye-law review 5.3 Continue to support the work of the Special Investigator appointed to investigate matters relating to Anglo Irish Banks plc 5.4 Develop and introduce an integrated Disciplinary Database Strategic Objective 6: Governance We will operate to the highest levels of corporate governance thus ensuring the efficient and effective operation of the Board, its committees and executive. We will ensure that in all our decisions we act objectively and with integrity. 6.1 Continue to implement our Corporate Governance Plan and Risk Management Policy & Procedures 6.2 Prepare our Strategic Plan and our 2011 Operational Plan 6.3 Publish our Annual Report on 2009 activities 6.4 Continue working with the Council of Chartered Accountants Ireland and its legal advisers in relation to updating the Charter Amendment Act Provide training for Board, Committee members and the executive to ensure they perform their functions competently, efficiently and effectively

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