The chartered accountancy profession has again hit out at critics of its self-regulatory role. The profession and, in particular, the Institute of Chartered Accountants in Ireland (ICAI), "should not allow itself to be held up to ransom by anyone due to the activities of any members that are in breach of ethical or professional conduct" and "full disciplinary measures should be brought to bear where appropriate", according to Mr Sean Finn, the new chairman of the Leinster Society of Chartered Accountants.

He stressed it is up to its members to "deal with the weaknesses in our own procedures without political interference".

The Tanaiste and Minister for Trade, Enterprise and Employment, Ms Harney, has already said that direct regulation by the Government could be introduced for the members of some accountancy bodies.

She is awaiting the outcome of the ICAI's inquiry, headed by former Supreme Court Justice, Mr Blayney, into the actions of some members named in the McCracken Tribunal, before deciding if self-regulation should continue.

Addressing the society's annual general meeting, Mr Finn noted that no profession had been immune from the ethical problems which had been affecting Ireland over the past number of years.

However, he contended "while not in any way accepting, condoning or doing nothing about weaknesses in its own procedures, chartered accountants could hold their heads high in terms of ethics". Mr Finn told his audience that it was vital that the profession be allowed to keep its independence, particularly with regard to self-regulation. The loss of self-regulation "would be completely unacceptable" particularly as the profession "was completely supportive of openness, transparency and accountability".