ICAI looks forward to era of openness

The proposed disciplinary procedures being introduced by the Institute of Chartered Accountants in Ireland (ICAI) will ensure that it is an "open institution" equipped to play its part as a self-regulatory body, said Mr Leo O'Donnell, former president. Speaking at the institute's annual conference on "Investigation and Discipline - the Irish Response" in Galway, he said: "The private nature of current disciplinary hearings creates a perception of a self-protective organisation with something to hide rather than the true position, which is that the institute seeks to protect the interests of clients and the general public."

He added that "this is a false perception. Members would wish to show that there is nothing to hide".

The procedures being introduced include open hearings of the disciplinary committee, publication of the findings and an increase in fines from £1,000 to £10,000. "The changes will ensure the institute will go into the 21st century as a modern, open institution equipped to play its part in the business world as a self-regulatory body," Mr O'Donnell said. There was now greater public suspicion of institutions coupled with concerns arising in the various tribunals, and members were seeking protection for their reputation and professional status. "Our review and subsequent changes to our disciplinary procedures arising from it have to recognise and satisfy those legitimate concerns of the general public and of our own members," he said. Mr Pierce Kent, president, told the delegates that the institute was committed to processes that would inspire member and public confidence.

Mr David Duffy, managing director, Prospectus, warned Irish companies considering flotation to approach a Nasdaq listing with extreme caution as there were drawbacks for Irish firms listed on that market.