Mary Harney (Dublin Mid West, Progressive Democrats)

With regard to the accounting profession, the supervisory body was established because there are different branches of accountancy which each has regulatory functions. At the tribunals, the role of accountants in signing off on audited accounts was seriously questioned in many cases. It could be argued that if the accountants had done their job, many of the tribunals would not have been necessary. It was felt by many that if one were part of the larger group of accountants, one would never be called before the regulatory body whereas if one was a smaller fish, one would be disciplined. When that matter was examined — in my previous role, I established a group to consider the matter — there were two options, namely, State regulation, which I do not favour, or the establishment of a body that would supervise the regulators in accounting. That is very different from what Deputy Twomey suggests in this regard.

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