THE NORTHERN Ireland auditors of the troubled Presbyterian Mutual Society are to be investigated by the UK’s disciplinary body for accountants and actuaries.

The Accountancy and Actuarial Discipline Board (AADB) has confirmed it intends to examine the conduct of members of the Institute of Chartered Accountants in Ireland (ICAI) and of Moore Stephens Chartered Accountants in Northern Ireland in relation to the Presbyterian Mutual Society.

The disciplinary body said it has decided to launch an investigation at this time because it has received information from the UK’s Financial Services Authority relating to the Presbyterian Mutual Society

It has also been forwarded a reference concerning the society from the Chartered Accountants Regulatory Board on behalf of the ICAI.

The AADB said the scope of its new investigation will revolve around events leading to the society being placed in administration.

It added this will examine “the conduct of members and a member firm in relation to the alleged failure by Presbyterian Mutual Society Limited to obtain the appropriate regulatory authorisation for the conduct of its business during the period from 2000 to 2008”.

The firm at the centre of the investigation, Moore Stephen Chartered Accountants, said it “welcomes” the investigation by the AADB, which it described as “routine” in such cases.

A spokeswoman for the accountancy firm said the investigation would “benefit from the full co-operation” of Moore Stephen Chartered Accountants. She added that the firm hopes the members of the Presbyterian Mutual Society will obtain the support of government.

Investors in the society have been unable to access their funds since its collapse last November.