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66 Professional Standards Regulation Appeal Tribunals DECISION REGARDING AN ALLEGATION AGAINST MR TADHG GUNNELL At hearings held on 11 July 2016 & 26 September 2016 a Disciplinary Tribunal found that: A) Mr Tadhg Gunnell, a member of the Institute, with an address in Dublin 7 did act in breach of the Institute’s Code of Ethics for Members (2006 and 2011): Fundamental Principles: (a) Integrity and (e) Professional Behaviour in that during the course of an investigation by the Central Bank of Ireland he admitted that as an officer of a company he did: • Incorrectly account for financial irregularities in the accounts of that company; • Misrepresent certain partner capital contributions as unencumbered capital; • Misrepresent the regulatory capital position in regulatory returns submitted to the Central Bank of Ireland thereby misleading the Central Bank of Ireland; • Fail in his responsibility to have adequate internal control mechanisms and administrative and accounting procedures in place to provide the Central Bank of Ireland with all the information necessary to assess compliance with relevant capital adequacy legislation; and • Fail in his responsibility to ensure that accounting policies and procedures were in place to enable the delivery of true and fair financial reports to the Central Bank. Such admissions having been published by the Central Bank of Ireland in a “Settlement Agreement between the Central Bank of Ireland and Mr. Tadhg Gunnell” (the “Settlement Agreement”) on 21st day of May 2015 and in respect of which admissions he was reprimanded for his actions and disqualified for 10 years from being a person concerned in the management of a regulated financial services provider; Following the variance of the Disciplinary Tribunal’s Order by an Appeal Tribunal Mr Gunnell was suspended for a period of one year and severely reprimanded. B) Mr Gunnell did render himself liable to disciplinary action pursuant to Bye-Law 6.1(f) of the Institute’s Disciplinary Bye-Laws as an insolvency event occurred in relation to him; The Disciplinary Tribunal ordered that Mr Gunnell be reprimanded. Following the variance of the Disciplinary Tribunal’s order by an Appeal Tribunal Mr Gunnell was ordered to pay €11,372 towards the costs of the Institute. Regulatory Penalties IN ACCORDANCE WITH THE INSTITUTE’S PUBLICATION POLICY, REGULATORY PENALTIES MUST BE PUBLISHED IN ACCOUNTANCY IRELAND AND ON THE CARB WEBSITE. At recent meetings of the Quality Assurance Committee, the following regulatory penalties were offered: Regulatory penalty Reason for regulatory action €250-€420 A number of members were practising without holding a practising certificate (breach of Public Practice Regulation 5.2) €250-€500 A number of firms provided inaccurate information on the annual return (breach of Audit Regulation 6.06) €1000 A number of firms had not maintained high standards of professional practice and had not acted with professional competence and due care when carrying out audit work. €500 A firm did not comply with a Committee condition (breach of Public Practice Regulation 1.28) €2500 A firm failed to comply with section 71(5)(a) European Communities (Statutory Audits) Regulations 2010 –Prohibited relationships (breach of Audit Regulation 3.08) €250 A firm failed to identify that abridged accounts, including a special auditors report, for a small sized company were prepared and filed with CRO when the company was not entitled to do so (breach of Audit Regulation 3.08) It is at the discretion of the Quality Assurance Committee as to whether the name of the member, firm or affiliate should be published. The Quality Assurance Committee determined that in respect of each of the above, the names of the members and firms would not be published. ACCOUNTANCY IRELAND APRIL 2017
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VOLUME 49 NUMBER 2 APRIL 2017 Diver
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Comment 3 President’s comment Apr
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Contents 5 Spotlight 30 Pay gap, or
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News 7 Enhancing audit quality anch
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Est 1887 News 9 UCD and PwC promote
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When you fly Aer Lingus, you‘re c
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Annual Dinner 13 Gillian Doherty, C
Page 15 and 16: Comment 15 Brian Keegan An uncharit
Page 17 and 18: Comment 17 Write it down Des Peelo
Page 19 and 20: Comment 19 Emotion: the spoiler Ann
Page 21 and 22: Interview 21 Serving the public goo
Page 23 and 24: Retirement Planning... You have lot
Page 25 and 26: Diversity 25 Diversity... is it goo
Page 27 and 28: Diversity 27 fact that diversity an
Page 29 and 30: LONGBOAT ANALYTICS WINNER FINANCIAL
Page 31 and 32: Diversity 31 than half agreed that
Page 33 and 34: Mandatory Electronic Filing is fast
Page 35 and 36: Diversity 35 We’ve heard the soun
Page 37 and 38: Diversity 37 The road to inclusion
Page 39 and 40: Diversity 39 Sponsorships Organisat
Page 41 and 42: Diversity 41 Thoughts on diversity.
Page 43 and 44: Audit 43 insights for stakeholders
Page 45 and 46: TALK TO TOMORROW’S ACCOUNTANTS TO
Page 47 and 48: Financial Reporting 47 financial re
Page 49 and 50: LEADING PROFESSIONAL PUBLISHING
Page 51 and 52: Restructuring Trends 51 The 2016 re
Page 53 and 54: Restructuring Trends 53 insolvency
Page 55 and 56: Audit Quality 55 should be written
Page 57 and 58: Tax 57 BRASS TAX Current developmen
Page 59 and 60: Tax 59 entrepreneurial and favourin
Page 61 and 62: Tax 61 Furthermore there was no rea
Page 63 and 64: Tax 63 Tax deadlines David Fennell
Page 65: Professional Standards 65 Consent O
Page 69 and 70: Membership 69 Quigley, Keith Rice,
Page 71 and 72: Innovation 71 The strategy of innov
Page 73 and 74: Innovation 73 Graph 1: Title TBD Wh
Page 75 and 76: Leadership & Management 75 UK acade
Page 77 and 78: Corporate Governance 77 Figure 1: P
Page 79 and 80: Leadership & Management 79 Whistlin
Page 81 and 82: Commercial Feature 81 www.liquidati
Page 83: Commercial Feature 83 the high leve
Page 86 and 87: I trusted my future to Barden So sh
Page 88 and 89: 88 Careers keystrokes and create ju
Page 90 and 91: 90 Careers The hard case for soft s
Page 92 and 93: 92 Careers job can add an entirely
Page 94 and 95: THE SPECIALIST GOVERNANCE RECRUITME
Page 96 and 97: EXCELLENCE IN FINANCIAL RECRUITMENT
Page 98 and 99: 98 Member Profile A new orbit From
Page 100: NETWORK Building a strong network i
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Diversity

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