Two more people will be added to the body to oversee the regulation of the accountancy profession. It will now comprise 10 members and is expected to be in place by the end of the month.

The establishment of the Interim Oversight Board was recommended by the Audit Review Group arising out of the findings of the DIRT Inquiry that identified auditors' failure to identify and report on tax evasion and fraud.

The board was expected to comprise eight members, two of which would come from the accountancy profession. The Tanaiste has now decided to widen the board to 10 with representation from the accountancy bodies remaining at two.

The accountancy bodies nominated Mr Donal O'Connor, managing partner of PricewaterhouseCoopers, and Mr Tony Kelly, of Dublin accountancy firm Byrne Curtin Kelly.

Other members have been nominated by the social partners, the investment community and other interested parties as well as from Government Departments and the Revenue. These nominations include Senator Joe O'Toole, who chaired the Audit Review Group, Ms Ann Fitzgerald, secretary general of the Irish Association of Investment Managers, and Ms Anne Maher, chief executive of the Irish Pensions Board. Some nominees still have to confirm their acceptances.

The board will play a key advisory role in drafting legislation to establish the statutory Oversight Board, for which legislation is due by year-end.

The Tanaiste is considering a Dail Committee of Public Accounts recommendation that the board be funded by the Exchequer rather than predominantly by the accountancy profession.

The Oversight Board will have statutory powers to handle disciplinary hearings and impose fines of up to £100,000 (€127,064) where an accountancy body is deemed to have failed to supervise its members.