Irish institute hit by Deloitte action
Investigations into possible professional misconduct by accountants in the Irish Republic, which has already lasted five years, has been hit by a new legal challenge, which will delay it still further.
The Blaney inquiry, ordered by the Institute of Chartered Accountants in Ireland (ICAI), has so far cost it £3m. Now Deloitte & Touche and its former managing partner, Paul Carty, have initiated action in the Irish High Court, seeking a judicial review of the way their appeal was handled.
Investigations began in 1997, after a number of accountants and firms were named in the report that examined undeclared payments made to Irish politicians. Its findings were ready for publication in 2000, but were disputed by some of those involved and an appeals committee was set up.
The latest move has angered institute members, whose subscriptions have been increased by 20% partly to cover the rising cost of the inquiry. Chief executive Brian Walsh described it as ‘a serious financial challenge to the institute and to the current regulation of the profession’, but said members were determined to conclude the process.
There have also been indications that if some members are ultimately found guilty of professional misconduct, the institute will seek to recover money spent on the investigation from them.
