Diversity

Professional Standards
65
Consent Orders
AT RECENT MEETINGS OF THE CONDUCT COMMITTEE (FORMERLY THE COMPLAINTS COMMITTEE), CONSENT ORDERS
WERE MADE IN RESPECT OF THE FOLLOWING MATTERS:
That by virtue of Article 7.3.3 and Article 7.1 (a) of the Disciplinary Bye-Laws of 1 December 2012, a member firm of the Institute, having been the
subject of an adverse finding in respect of its conduct by inspectors appointed by the Department of Enterprise, Trade and Investment under
Article 425 (2) of the Companies (Northern Ireland) Order 1986, is accordingly liable to disciplinary action for Misconduct under the Institute’s
Disciplinary Bye-Laws.
The Conduct Committee determined that in relation to the Formal Allegation a sanction of Severe Reprimand, fine of €4,000 and costs in the
amount of €2,000 were appropriate.
That Mr M G Spain a partner in the firm of Spain, Fewer, Quinlan & Co, a member firm of the Institute with an address at The Mall, Thurles,
Co. Tipperary while acting as auditor to a client company, did act in breach of the Institute’s Codes of Ethics for Members (2006 – 2014):
Fundamental Principles: (b): Objectivity; (c): Professional Competence and Due Care; and (e): Professional Behaviour in failing to comply with:
1. Section 187(2)(h) of the Companies Act 1990 in respect of audits for 3 financial years;
2. Section 71(4)(g) of the European Communities (Statutory Audits) Directive in respect of audits for 3 financial years;
3. The Institute’s Ethical Standard for Auditors (ES1) (2004 – 2010): Integrity, objectivity and independence by auditing a company in
which he held 50% of the company’s shares in trust for a third party.
The Conduct Committee determined that in relation to the Formal Allegation a sanction of Reprimand, fine of €1,000 plus €1,600 in respect of
costs were appropriate.
That Mr J J Quinlan, a partner in the practice of Spain, Fewer, Quinlan & Co, a member firm of the Institute with an address at The Mall, Thurles,
Co. Tipperary did act in breach of the Institute’s Codes of Ethics for Members (2006 – 2014): Fundamental Principles: (a): Integrity; (b): Objectivity;
(c): Professional Competence and Due Care; and (e): Professional Behaviour in that, he failed to comply with:
1. The Institute’s Ethical Standard for Auditors (ES2) (2004 – 2010): Financial, business, employment and personal relationships:
paragraph 7; and
2. Section 193(4G) of the Companies Act 1990 regarding the signing of the audit reports of two audit client companies for 4 financial
years.
The Conduct Committee determined that in relation to the Formal Allegation a sanction of Reprimand, fine of €2,000 plus €1,600 in respect of
costs were appropriate.
Withdrawals
THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND REGULATES ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS
OF ITS BYE LAWS OPENLY AND IN THE PUBLIC INTEREST. OVERSIGHT OF THIS ROLE IS PERFORMED INDEPENDENTLY BY THE
CHARTERED ACCOUNTANTS REGULATORY BOARD. THE INSTITUTE HEREBY PLACES NOTICE THAT:
Withdrawal of a member’s practising certificate
The Quality Assurance Review Committee affirmed the decision of the Quality Assurance Committee to withdraw the practising certificate of Mr N
O’Connor, of Reddy O’Connor & Co, Troon Lodge, Ballycrane, Wexford, Co Wexford for failing to comply with the requirements of the Public Practice
Regulations. This order took effect on 31 March 2016.
Withdrawal of a firm’s audit registration, investment business authorisation and
entitlement to hold clients’ money
The Quality Assurance Review Committee affirmed the decision of the Quality Assurance Committee to withdraw the audit registration, investment
business authorisation and entitlement of the firm Reddy O’Connor & Co, Troon Lodge, Ballycrane, Wexford, Co Wexford for failing to comply with
the requirements of the Audit Regulations, Investment Business Regulations and the Public Practice Regulations. This order took effect on
31 March 2016.
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