ICAI votes for rule changes

 

The Institute of Chartered Accountants in Ireland (ICAI) has announced that over 90 per cent of its members have voted in favour of rule changes which will lead to greater transparency. The changes had been recommended by the institute and were put to its members at a special general meeting last month. A postal ballot of members resulted in 91.24 per cent supporting the changes.

The ICAI said the new rules mean that hearings of public concern and serious cases can be held in public, there will be a wider publication of the findings of disciplinary procedures. Fines have been increased and there is more scope for recovering costs while "minor cases will be dealt with more efficiently and speedily".

The president of ICAI, Mr Pierce Kent, said the rule changes "are a response to the changing environment in which business professionals operate. We must not only have effective disciplinary procedures to deal with members who fail to meet the high standards we set ourselves, but we must also be seen to have effective procedures".

The rule changes will have to be approved by the Government and the Privy Council in London because the institute has members in both the Republic and Northern Ireland.