The role of the late Des Traynor in the Ansbacher affair was a matter of "deep anger" among accountants, his former professional group said yesterday.
The Institute of Chartered Accountants said the episode was "disgraceful" but described as "nonsense" any attempt to condemn the profession on the basis of the report by High Court inspectors. Efforts to blemish the name of all such accountants should be rejected, said its chief executive, Mr Brian Walsh.
The institute had begun to examine the report in detail to assess what action might be required and speculation at this stage would be premature.
Mr Walsh said: "The accountancy profession has contributed enormously to economic development in this country and will continue to do so. The institute rejects attempts to tar the good name of all Irish chartered accountants based on Mr Traynor's activities."
The inspectors called for a consideration of any deficiency in either the general practice relating to bank audits or the manner in which such work was carried out in Guinness & Mahon, Ansbacher Cayman's original parent.
"Efforts to review the manner in which Guinness & Mahon was audited will have to have regard to the fact, as outlined by the inspectors, that audit files for much of the period no longer exist and any consideration of the matter on the basis of incomplete information must take cognisance of that limitation."
He added: "There has been some misinformed comment in recent days which suggests that the institute statutorily regulates its members in the area of tax. This is not the case; statutory tax regulation is the preserve of the Revenue Commissioners and the institute's members are subject to the same scrutiny and regulation in the tax area as any other citizen."
Any member found guilty before a court of an offence involving tax evasion or complicity in tax-evasion was liable to immediate disciplinary action.
"There are currently 12,500 chartered accountants," Mr Walsh continued, "half of whom are under 37. This means they would not have even started their career when these events occurred."
