Ruari Quinn Calls on Chartered Accountants to Clean Stables.

At just before 38 mins here if you have real audio .

Quinn names 3 famous Chartered Accountants against whom no sanctions were ever taken by their own professional body .

Michael Fingleton
Seanie Fitzpatrick
Des Traynor

And fucking Haughey- with his honorary life membership.

Seanie was on the committee of the ICAI a few years ago. Chaired the property sub-committee :stuck_out_tongue:

Pat Neary’s predecessor and the original Financial Regulator, Liam O’Reilly, is chairman of the Chartered Accountants Regulatory Board which is investigating Seanie. I wonder how far back that investigation will reach? O’Reilly saw no conflict of interest in leaving his job as Financial Regulator and going on the Board of ILP and Merrill Lynch Capital Bank (based in the IFSC).

Reading his comment at the time is almost surreal:

Unfortunately for O’Reilly his “watchdog on the inside” was not what Merrill Lynch had in mind:

independent.ie/business/irish/exfinance-watchdog-takes-skills-to-merrill-lynch-124501.html

Nice little piece of hysteria from Ruairi, he ought to know better.

Fingleton is not a member of the Institute of Chartered Accountants in Ireland, he is a member of a different accountancy institute.
Sean Fitzpatrick will never face sanctions from his professional body? How does Quinn know this? Does he have a time machine?
Des Traynor died in 1994, three years before the Ansbacher Accounts were revealed. Nevertheless, an editorial in the Accountancy Ireland magazine written by the President of the Institute heavily criticised his conduct.

Heavy sanctions were implemented against members of the Institute of Chartered Accountants in Ireland who administered the Ansbacher accounts.

I am sorry if these facts do not suit the tabloidised witchhunt that Quinn is trying to engender.

There is no such thing as honorary life membership of the Institute of Chartered Accountants. Some years before the Ansbacher deposits and Haughey’s role in them came to light, Haughey was excluded from membership of that institute for not paying his fees, and as a result no sanctions could be taken against him, as an ex-member. This information is contained in one of the books about the Ansbacher affair.

The Indo reckons he was:
independent.ie/business/haug … 49355.html

I believe Mr. Quinn said something along the lines of respective professional bodies, not naming the ICAI in general, but since I can’t get the rte radio streams to work I can’t verify this…

If the Institute made Haughey a lifetime member then I would criticize that decision, however if indeed it did happen, it’s the first I heard.

37.54 - “Just on that point Rodney, and I’ve had this discussion with a couple of people who are in the accountancy profession, one of my brothers is a chartered accountant, their claim for autonomy and self regulation is now, in my view, seriously on the line. There are a number of chartered accountants, in the public domain, Mr FitzPatrick one, Mr Fingleton another, who are still members of the institute, and let me say in public what I’ve said privately to some of these people, I’ve said your credibility to manage your own affairs and to be a self-regulatory body will rest on how you treat these people after due process, but if they continue - I mean we had the situation where Mr. Des Traynor, now deceased, clearly abused his position and yet remained for a long period of time as a member of the Institute of Chartered Accountants. Any professional body, and I’m a member of the Architectural Institute of Ireland, has to lay claim to self-regulation on the basis that it will enforce proper regulation and standards of care.”

Fair enough, thank you WGU. There are a few Mr. Fingletons on the ICAI membership list, but no Michael…

edit: I suppose the ire should be reserved for Mr. Terence Cooney, an INBS non-exec since 2001 and vice-chair, member of the audit committee and of the renumeration committee, a former president of the ICAI?

Also, Mr. Fingleton uses the letters FCIS, FCMA and FIIS after his name.

FCIS Fellow of Institute of Chartered Secretaries and Administrators
FCMA Fellow of Chartered Institute of Management Accountants
FIIS Fellow of Irish Institute of Secretaries and Administrators

So perhaps it is CIMA, rather than the ICAI, that Mr. Quinn should be directing his ire in Mr. Fingleton’s case?

The accountancy profession has not been self-regulated for some time. Of course, this isn’t enough for Ruairi - he wants complete state control of the accountancy profession.

I think I am starting to see the real basis for Ruairi’s rant - as usual with leftists, he wants more government control of everything.

Did you not believe me? All you had to do was check an INBS annual report.

You were wrong about Mr. Haughey, you like to make counter-claims without backing them up either, so no, I didn’t believe you off-hand.

Anyway, see my post above. I checked.

The Irish Independent being the bible here, presumably? Colour me unconvinced.

Er, yeah as I said,

At this point, it is clear Quinn has made three absurd and/or inaccurate points (unless he supposes that the ICAI should have known about Traynor’s conduct pre-1994, in which case he needs to explain why he thinks they should have been in possession of this information) and one which is still unresolved. A witchhunt, so. If you’re going to start witchhunts, Ruairi, be accurate, if you aren’t it makes you look like an ill-informed fool.

Here is a link to a article on a related subject written by, I think, Shane Ross. (There is no by-line but it reads like one of his.) Unlike Quinn, Ross aims accurately, and correctly, in my view, deduces that the real problem is the degree of influence exercised by the larger firms:

independent.ie/business/kpmg … 20508.html

Lets call a spade a spade. Claiming the government regulate any of the professional bodies in Ireland is like saying they regulated the banks.

There is no regulation of anything other than the small not tightly organised groups that can be given a proper beating and do not bite back too hard.

The rules for auditors need some serious changes…a simple one to start - No financial institution can have the same audit firm for more than 5 years - straightforward and probably would have saved the irish tax payer about €10b if implemented 5 years ago. No fees at all can then be taken by this firm for a period of say 5 years. Independence at a stroke of a pen. Firms would always guard their reputation higher than client relationship.

Light touch, principles based regulation is way better…wait a second!

I agree with Quinn here re: chartered accountants to clean stables.
I’d also have rogue developers keeping the grass margins cut along the roads, bent politicians maintaining the public parks and disgraced bankers picking up litter from the streets.

Fixed that for you Bogman …