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Determination of a Disciplinary Tribunal Hearing

The Chartered Accountants Regulatory Board has announced the outcome of a Disciplinary Tribunal Hearing on the 9 May 2012.

 The Disciplinary Tribunal found that Mr. M. McHugh, a member of Chartered Accountants Ireland,  practicing as Michael McHugh & Co., Newtown, Castlebar, Co. Mayo did act in breach of the Institute’s Code of Ethics for Members: Fundamental Principle: (a): Integrity in that he:

1.   signed audit reports of a number of audit client companies when he was not entitled to, due to his failure to comply with a revised Hot File Review Restriction imposed on him by letter dated 7th July 2010 from CARB’s Quality Assurance Committee;

2.   submitted undated signed audited accounts to the Companies Registration Office after the coming into force of the revised Hot File Review Restriction imposed on him by letter dated 7th July 2010 from CARB’s Quality Assurance Committee. The issue of undated audited accounts is also in breach of International Standard on Auditing 700, paragraph 23.

The Tribunal made an Order that Mr. McHugh be Severely Reprimanded and fined €5,000.  The Disciplinary Tribunal also ordered that Mr. McHugh pay costs of €3,000 towards the costs of the Chartered Accountants Regulatory Board.