The Tanaiste, Ms Harney, may shortly approve rules for the Institute of Chartered Accountants in Ireland which include a provision to hold public hearings into allegations of professional misconduct by its members.
The new rules will also allow the institute to increase the fine imposed where wrongdoing is proven to £10,000 (€12,700) from £1,000. It will also be entitled to recover fully the cost of any such inquiries.
Meanwhile, an inquiry continues into possible professional misconduct by institute members working with Powerscreen at a time when accounting irregularities were discovered. Although the rules should be approved in the coming weeks, because the Powerscreen inquiry was set up under the existing rules it will continue to be conducted in private.
The Powerscreen inquiry team - solicitor Mr Laurence Shields and accountant Mr Jim Gemmell - are investigating the role of accountants KPMG and two former Powerscreen executives, chief executive Mr Shay McKeown and finance director Mr Barry Cosgrove. The team is corresponding with members involved with the firm and could begin hearings early next year.
The Tanaiste may appoint an observer to attend the hearings.
The ICAI inquiry is the third investigation into the Powerscreen affair and will focus specifically on auditing issues that are not being examined in other investigations inquiries by the Serious Fraud Office in Britain and the Irish Stock Exchange.
