Direct regulation by the Government could be introduced for the members of some accountancy bodies while other bodies are left to regulate themselves, the Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, said yesterday.

Ms Harney told the annual luncheon of the Institute of Certified Public Accountants in Ireland that she still has an "open mind" on whether self-regulation by accountancy bodies should continue. She will make a decision on the matter when she sees the outcome of the Blayney Inquiry.

Mr Justice John Blayney is carrying out an inquiry for the Institute of Chartered Accountants in Ireland to see if any of its members were guilty of misconduct in relation to matters contained in the McCracken Report. Ms Harney said that after the inquiry has made its findings known she would meet with the various accountancy bodies to discuss how regulation should work. She said it would be better if self-regulation worked, and was seen to work.