The report of the Blaney inquiry into the actions of accountants named in the McCracken tribunal into political corruption will be published in the "coming months", according to the incoming president of the Institute of Chartered Accountants in Ireland (ICAI).

The inquiry - into possible professional misconduct by accountants - began in 1997.

It has been delayed by legal challenges, including one from former Deloitte & Touche managing partner Mr Paul Carty and the Deloitte & Touche firm which sought a judicial review of certain decisions and procedures.

The new ICAI president, Mr James Hunt, said that the Companies (Auditing and Accounting) Bill would provide the statutory backing for such investigations to be carried out more effectively.

Mr Hunt - who takes over as president today - told members at the organisation's annual general meeting that he would continue to make the Government and the Oireachtas aware of its concerns in relation to the new regulatory regime that would be introduced under the Bill. The Bill limits the representation of accountants on a new Irish Auditing and Accountancy Supervisory Authority that will oversee the profession.

"We believe that the restriction in the Bill as published to two members will not allow accountants to play a proper part in this new regulatory regime," he said.

The ICAI has elected Mr Terence O'Rourke, a partner at KPMG, as deputy president and Mr John Greely, a partner at JP Greely & Company, as vice-president.