The Blayney Inquiry is expected to cost £250,000, the Institute of Chartered Accountants in Ireland (ICAI) has said. The inquiry was established by the institute to investigate possible professional misconduct by some of its members named in the McCracken payments to politicians report. The hearings, which have already questioned accountancy firms including Oliver Freaney & Co and one of its partners, Mr Noel Fox, and Deloitte & Touche, are held in private.

In its annual report, the ICAI said it was reviewing its disciplinary procedures to make them more open and accountable. ICAI president, Mr Tom Griffin, said public expectations of quality and integrity were never higher. He said the Institute and its members need to meet these expectations in a positive and open way.

"Openness in disciplinary matters has the considerable merit of showing how justice is done," he said. "Open justice is far more convincing than private discipline."

Mr Griffin said the public now expected openness and transparency in matters of public concern. He said governments internationally have responded to this expectation by enacting freedom of information legislation which opens state files to public scrutiny. "Similar expectations are being placed on professions which have been granted statutory or other public privileges," he said.

The Blayney Committee of Inquiry is continuing its work and Mr Griffin said its findings would be published in due course. It was established last October under chairman Mr Justice John Blayney, a former Supreme Court judge. Others members are Mr Brian Duncan, a fellow of the Institute of Actuaries and Mr Paddy Shorthall, a fellow of the ICAI.

A representative of the Department of Enterprise, Trade and Employment is also sitting in on the proceedings - after a prolonged battle with the ICAI.

The committee is to publish the results of its findings. It may also seek to recoup all or part of the costs of the inquiry from member firms.

The ICAI has its own investigation committee and a disciplinary committee which hears complaints about its members. The disciplinary committee heard 13 cases last year, two of which were further appealed. The Committee excluded one person from membership and suspended two others. Seven others were reprimanded and in one case, the complaint was not proved.

In all 97 complaints were made to the institute last year, compared to 83 cases in 1996.