Vol. 480 No. 8
70 Mr. Broughan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will ensure that the findings of disciplinary committees of the professional accountancy bodies in relation to matters covered by the McCracken tribunal report are published. [15212/97]
71 Mr. Broughan asked the Tánaiste and Minister for Enterprise, Trade and Employment the measures, if any, she is taking to ensure that misconduct by any members of the accountancy profession is investigated and punished; and if she will reconsider the self-regulatory status of this provision. [15213/97]
The Council of the Institute of Chartered Accountants in Ireland has recently decided to set up a committee of inquiry under the chairmanship of Mr. Justice Blayney to investigate the conduct of members of the institute named in the Report of the Tribunal of Inquiry (Dunnes Payments). In correspondence with the institute, my Department has sought to clarify a number of matters in relation to the committee of inquiry. In reply, the institute has indicated that its committee of inquiry will be empowered to publish its report in whatever manner it sees fit. The institute is aware of my position that justice should be seen to be done.
I am very disappointed that the institute has not yet acceded to my request to have my Department observe the proceedings of the committee of inquiry; I am pursuing this matter vigorously with the institute.
The accountancy profession plays a vital role in the economy, and it makes a major contribution to the industrial and commercial life. To carry out their role, accountants are placed in a position of trust by society as a whole. They are trusted to audit corporate accounts, from small firms to the largest of our quoted companies; they are trusted to submit tax returns to the Revenue Commissioners on behalf of their clients; they are trusted to manage corporate insolvencies in the best interests of creditors.
The vast majority of accountants are upright and conscientious people who abide by the law and who would never encourage or facilitate wrong-doing by their clients. It is all the more important, therefore, that the actions of a few individuals are not allowed to tarnish the image of the profession as a whole. It is equally important that low standards should not be tolerated within the profession lest they set the norm for the future behaviour of members.
Accordingly, I would expect the institute's committee of inquiry to conduct its investigations in a professional manner, and on this basis, I have no reason to review the self-regulatory status of the accountancy profession at present.
I should indicate that it will solely be a matter for the committee of inquiry, once operational, to determine how best to undertake its investigations and to decide how and to what extent information on the course of its proceedings will be made public. I will have no function in relation to either of these matters.
If the committee of inquiry or any other inquiries arising from the tribunal report establish that members of the accountancy profession have contravened the Companies Acts, I intend that the relevant evidence will be brought to the attention of the appropriate authorities for a decision on whether or not the prosecution of any such offences is warranted in the courts.
