The Institute of Chartered Accountants in Ireland (ICAI) will seek transcripts of evidence given to the Flood tribunal this week in relation to the accounts of Bovale Developments.
Mr Joseph O'Toole, a member of the ICAI, gave evidence earlier this week about the auditing of the Bovale accounts as part of his work with the Dublin firm, McGrath & Co. He has been the Bovale auditor since October 1989.
The ICAI is monitoring the proceedings of both the Flood and Moriarty tribunals and occasionally requesting the transcripts of evidence concerning members of its association.
The transcripts in relation to Mr O'Toole's evidence are likely to be referred to the association's complaints committee. The committee, which has a 25 per cent non-accountant membership, will then decide whether it will consider the matter or await the outcome of the tribunal.
The tribunal heard that £180,000 (€228,716) was paid from Bovale Developments into an account of Ms Caroline Bailey, wife of a director of the company Mr Tom Bailey. Some of the money was put into her personal account and this was done by putting inaccurate information into the Bovale accounts.
Mr O'Toole agreed with counsel for the tribunal Mr Desmond O'Neill SC, that there was a possibility entries in the accounts showing payments to Dublin County Council and the ESB, which were never paid, were used to hide money going to Ms Bailey's account.
Mr O'Toole was also asked about the salaries paid to the Baileys. Mr Tom Bailey was paid £17,500 in 1989 and Ms Caroline Bailey was paid £4,500. In 1991 Mr Tom Bailey was paid more than £27,000, Ms Bailey more than £14,000, and Mr Michael Bailey, another Bovale director, £30,000.
Mr O'Neill asked that, given that Bovale was a successful company with a huge turnover, why Mr O'Toole had not asked the Baileys how they funded their lifestyle on such low salaries. "I didn't have any basis for asking what standard of living they had. It would not have been any business of mine," Mr O'Toole said.
Mr O'Neill said that in 1990, £131,760 was lodged to the personal accounts of the directors. The following year the amount was £366,360.
Mr O'Toole said his company had written to the Revenue Commissioners on Friday of last week and was to carry out a major review of the Bovale accounts.
