ACCA has welcomed Ireland's new Finance Bill, which accommodates the principles of Islamic finance.

Islamic finance, which complies with the principles of Islamic law (Shari'ah), considers the relationship between risk and profit and the social responsibilities of financial institutions. Its appeal as a potentially ethical form of finance has attracted considerable attention during the recent economic climate.

'ACCA believes that Islamic finance is an increasingly viable route for access to finance, although it is still unclear how mainstream it will become in core financial services,' said Aidan Clifford, ACCA Ireland advisory services manager.

While attention has naturally been most focused on the large end of the audit profession, which is involved with the banks and other major financial institutions, there are also important issues at the smaller end of the audit market. Given the removal in recent years of the statutory audit requirement for many entities with turnover below £6.5m, audit is increasingly a voluntary exercise in this sector and so needs to demonstrate the value it brings to business.