The Chartered Accountants Ireland has been
fined €110,000 ($139,255) for negligence and inattention to the
requirements of relevant Bye-Laws.

Irish Auditing and Accounting Supervisory
Authority (IAASA) found the Chartered Accountants Ireland failed to
comply with its Bye-Laws relating to its complaints committee.

The IAASA said the institute’s complaints
committee had not formed the necessary opinion regarding a
complaint at its meeting held on 15 December 2005 because there was
no record, including the minutes to this effect, which breached
Bye-Law 72.1.

This Bye-Law states that when a complaint has
been conveyed the committee forms an opinion as the whether or not
the complaint is one that gives rise to or includes questions of
public concern or is of specific importance.

The oversight body also found at both a
meeting on the 15 December 2005 and 10 October 2006 the committee
had neglected the requirement that the majority of the members
attending a complaints committee meeting must be non-members of the
institute, breaching Bye-Laws 72.11 and 67.2.

Lastly on the 10 October 2006 and 15 December
2006 the Chartered Accountants Ireland’s complaints committee
included a member in their third term. However, a member of the
complaints committee can only be appointed for two terms of five
years, thus breaching Bye-Law 66.14.

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Irish Auditing and Accounting Supervisory