The Institute of Chartered Accountants in Ireland is to investigate whether some of its members should face disciplinary action for any professional misconduct highlighted during the Dunnes payments to politicians tribunal. Institute members include Mr Charles Haughey.
In a statement yesterday, the State's largest accountancy body, the ICAI, said its investigation committee would meet over the next two weeks to consider whether any of its members were guilty of misconduct in their professional roles by their involvement in the transactions investigated by the tribunal.
"The institute has extensive requirements and regulations requiring integrity, independence and high professional standards amongst its members. Any chartered accountant who is guilty of misconduct is liable to disciplinary action," according to ICAI president, Mr Sean Dorgan.
Mr Haughey is still a member of the ICAI, although he is understood not to have paid his nominal annual membership fee for some time. Mr Fox and the accountants at Oliver Freaney are full members of the institute.
In this investigation, the ICAI will be focusing on the role of its members where the tribunal uncovered tax evasion, or a conflict of interest. "There are questions to be asked and answered by our members arising out of the tribunal," Mr Dorgan said.
With more than 10,000 members, the institute claims to monitor the activities of its members keenly. Last year, 26 cases were referred to its 11-member disciplinary committee. These cases, which largely related to allegations of professional misconduct, were dealt with in a number of ways, including one member being excluded from membership.
Others received reprimands, fines and had to pay the recovery costs of any proceedings. In some cases, the ICAI will withdraw an accountant's practising rights, or temporarily suspend membership. For a practising accountant the withdrawal of practising rights is the ultimate sanction.