DIFFERENT SIZE, DIFFERENT NEEDS


The Institute of Incorporated Public Accountants (IIPA) understands the needs of smaller accounting and audit practices and operates systems that have been designed with these in mind


ed on the small and medium practices. Some auditors and accountants in practice


T


are feeling that all the focus in the industry is on the larger firms, and that many of the changes that have been made in recent times do not fully embrace the nature of their smaller auditing or accounting firms whose clients are also sole traders, partnerships and small companies. The Institute of Incorporated Public Accountants (IIPA) was established by small- er accounting and audit practices for smaller accounting practices and therefore under- stands better the needs and challenges that these smaller accounting and audit practices face. The IIPA’s systems of quality assurance,


monitoring, investigation and discipline are robust and in compliance with Irish and international best practice, but are also appropriate to the unique requirements of the smaller audit and accounting practice. “By arranging our systems in this way we


believe that we do what is best for our mem- bers and at the same time enhance the pro- tection of the public interest,” says Richard O’Callaghan, chief executive of the IIPA. “There is a real danger in forcing smaller auditors and accountants to operate systems that are designed for large international firms. The risk is that you will change the attitude of the smaller firms on the impor-


10 // Accountancy, Spring 2011


HE world of the accountant in practice is changing, and some- times it can feel that the fallout from the issues currently in the news about the large internation- al accounting firms is being visit-


// The small audit


and accounting practice on the main street is completely different to the large international practices


tance of these systems. “If a practitioner feels overwhelmed by the


level of complexity they must contend with, they’re more likely to treat quality assurance and other regulatory systems as an impedi- ment to the effective operation of their prac- tice rather than a quality and value-adding system.” The IIPA has ensured that the systems that


it operates have been designed with smaller practices in mind. “The small audit and accounting practice on the main street is completely different to the large internation- al practices,” explained O’Callaghan. “Their client base is different, their internal organi- sation is different and their risk profile is dif- ferent. In that scenario it is nonsense to take


a ‘one size fits all’ approach to the regulation of practices.” Therefore members of the IIPA that are


audit and accounting practices are subject to a monitoring and quality assurance system designed to ensure they meet the standards required by the Companies Acts and other regulations, but in a way that is in line with their practice needs. When asked if this arrangement was open


only to those who had qualified as account- ants with the IIPA, O’Callaghan replies: “The IIPA has always welcomed members from other professional accounting bodies. So long as they can show that they are in good stand- ing and have the required learning and skills, membership is open to them.” As a ‘Recognised Accountancy Body’ under


the Companies Acts, anybody authorised as a statutory auditor or practice accountant by the IIPA has the same legal and professional standing as a member of any of the other accounting bodies. Members may apply for an accounting


practising certificate and/or an audit practis- ing certificate. Once they qualify for one of these they are authorised by the IIPA to pro- vide accounting and/or statutory auditing services. These services are offered on the same basis and under the same legal authori- sation as any of the other accounting bodies. Members who do sign up will notice a number of differences between the IIPA and the other professional accounting bodies:


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As a smaller accountancy body the IIPA gives a more personal profes- sional service.


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The processes and structures of the IIPA are designed with the small and medium accounting and audit practice in mind.


Industry-leading continuous profes- sional development (CPD) arrange- ments – CPD is a core part of mem- bership and the IIPA’s systems make it as easy as possible to achieve the necessary CPD hours.


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First-class professional and techni- cal supports specifically designed for the accountant and auditor in practice to make it as easy as possi- ble to comply with the legal, profes- sional, ethical and best practice standards of the accounting profes- sion.


The IIPA sees its role as making sure that the public interest is properly protected, account- ing and auditing standards are properly applied and ethical standards are adhered to by members and member firms, and to do so in a way that adds value to the members’ practices. IIPA practice monitors have significant


experience in the accounting and auditing practice themselves so they understand the practices they are reviewing. They are sea- soned professionals who not only ensure that practices are in compliance with the required legal, professional and ethical standards, but are in a unique position to make recommen- dations to practices on how they can ensure that they are structured to comply with requirements while offering the best services to their clients.


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