Revocation of the recognition of the Institute of Chartered Accountants of Scotland(‘ICAS’)
Pursuant to its powers under section 931(4) of the Companies Act 2014 (‘the Act’), the Irish Auditing and Accounting Supervisory Authority (‘the Authority’) has decided to revoke the recognition of the Institute of Chartered Accountants of Scotland (‘ICAS’) granted under S.930 of the Act with effect from 22 December 2021. This means that ICAS may no longer authorise individuals or firms as statutory auditors in Ireland or undertake any audit related regulatory functions. This decision follows the application by the ICAS to the Authority for revocation of its recognition.
By virtue of the revocation of its recognition, ICAS is no longer a prescribed accountancy body under the Act and therefore, no longer comes under the remit of the Authority.