Accountants are stepping up efforts to allay consumer fears about the security of Internet transactions.
The Institute of Chartered Accountants in Ireland (ICAI) is in the process of finalising a contract to become the sole licensees of a website quality seal, introduced by the American Institute of Certified Public Accountants (AICPA). The ICAI believes such a standard will reassure accountants trying to establish the credentials of companies selling over the Internet.
The WebTrust seal, developed by AICPA and the Canadian Institute of Chartered Accountants (CICA), will be conferred on those sites adhering to standard business practices and controls. Websites carrying the seal will carry a report issued by an accountant trained to licence the approval. Underlying criteria and principles will have to be met in order to secure a licence.
The principles will cover three main categories. These include disclosure of the company's important business practices; its policies, controls and procedures to ensure the customer receives the goods and services ordered at an agreed price; and its policies governing customer information obtained electronically and measures to protect it from misuse.
According to Mr Pierce Kent, president of the ICAI: "This is an exciting new development, matching our traditional assurance role with the latest business technology."
The ICAI believes the WebTrust seal will be particularly significant for business to business commerce, where large companies may be sourcing products online from smaller indigenous companies and need reassurance of their credentials.
The introduction of the WebTrust seal will also open a substantial revenue stream for ICAI members if the it is adopted as standard.
WebTrust was developed by the American and Canadian accountancy bodies with VeriSign, a globally recognised provider of digital authentication services. The VeriSign encryption and authentication technology will help assure traders the seal on a website is authentic and it is entitled to display it.
The ICAI will host an information seminar next June to further inform members about WebTrust and the details of licensing Irish member firms to carry out WebTrust approvals.
In the meantime, the ICAI will host an electronic commerce conference in Dublin this month aimed at highlighting its importance as an engine for economic growth.
The conference will take place on Tuesday, November 17th between 2 p.m. and 7 p.m. in the O'Reilly Hall, UCD. For further details contact Ms Paula Drew at the ICAI. Telephone: 01 668 0400, Fax: 01 668 0842, email: pauladrew@icai.ie
