A Cork accountancy firm and its co-founder have been fined €20,000 after being found guilty of misconduct by their professional regulatory body.
The Institute of Certified Public Accountants of Ireland (CPA Ireland) issued the accountancy firm, MC2 Accountants of Penrose Wharf, Penrose Quay, Co Cork with a severe reprimand and a fine of €15,000 over its failure to issue a letter of engagement to a client at any stage before issuing the client with an invoice.
MC2 Accountants was also found to have failed to issue the client with an adequate breakdown of fees charged on an invoice issued in August 2018 contrary to the institute’s code of ethics.
The practice’s co-founder, Jim McCarthy, was separately reprimanded and fined €5,000 over his failure to issue a letter of engagement to the same client.
A report by CPA Ireland said it had established prima facie evidence of misconduct by MC2 Accountants and Mr McCarthy on foot of a complaint made to the institute.
It also ordered the firm to pay €3,000 in legal costs.
Mr McCarthy (53) from Waltham Abbey, Old Quarter, Ballincollig is the managing director and co-founder of MC2 Accountants which he established with his business partner, Seán McSweeney in 2013.
He is also a director of Clydaville Holdings – the company which operates the Kilkenny group of design and gift shops.
Mr McCarthy has a shareholding in a number of pubs including The Tradehouse Central in Ballincollig.
This article was amended on January 4th, 2023. The original version incorrectly referred to the Elm Tree Bar and Bistro in Glounthaune, Co Cork, as one of the businesses in which MC2 Accountants co-founder Jim McCarthy has an interest. There is no connection between Mr McCarthy and the Elm Tree Bar and Bistro. We apologise for the error.
