Accountancy body membership rises

Membership of the Institute of Chartered Accountants in Ireland (ICAI) rose almost 5 per cent last year, according to the group's annual report. The State's largest accountancy body now has 14,159 members.

Subscriptions and other income rose almost 8 per cent to €19.6 million, but costs rose at a faster pace. Overall, the ICAI reported a surplus of €2.02 million, down from €3.9 million the previous year.

The 2003 figures were distorted by exceptional gains arising from the release of provisions and recovery of costs in relation to the Powerscreen case and the Blayney inquiry into the conduct of accountants named in the McCracken tribunal report.

The institute enrolled more than 1,000 students for the first time.

However, ICAI president Terence O'Rourke said the flexibility granted to firms in training accountants reduced its ability to "maximise our natural market share".

He also noted that the ICAI was facing issues in relation to regulation and discipline. "We have seen increasing evidence that regulation and discipline, however fairly administered and organised, if delivered by the institute, seems to somewhat alienate our members from their professional body," he said.

The ICAI saw a fall in the number of complaints to 89 from 97 a year earlier. Sixty-two cases were concluded during the year, 24 of them involving reprimands and/or fines ranging from €200 to €19,000 for members.