There have been so many twists in the Peter McVerry Trust saga that it’s difficult to keep count. But yet another critical point was reached with recent news that Donal Ryan, former auditor of the troubled housing and homeless charity, has been excluded from the Association of Chartered Certified Accountants (ACCA) over his conflicts of interest.
Ryan wants to appeal that decision, so there may yet be another chapter to the story. Still, the affair raises questions about the way the ACCA deals with such matters.
A disciplinary panel sanctioned Ryan in mid-May, but little was done to publicise this. Although the decision document can be found on the ACCA website, you’d do well to root it out.
Was there a public hearing? Yes. Was there public notification of the hearing? Yes, by way of an obscure “pre-hearing notice” on the ACCA website in mid-April.
You would probably only have found that notice if you were looking for it or had an abiding fascination with the profession.
When it comes to communications, the ACCA’s complaint and disciplinary regulations provide latitude: “The association shall give advance publicity of the proceedings of the disciplinary committee, in such manner as the association thinks fit.”
Has the Irish building sector got themselves hooked on Government subsidies?
Simply put, the ACCA can do whatever it wants.
Is this good enough?
The near-collapse of the McVerry trust had real consequences, not least because it needed a huge Government bailout to continue vital services for thousands of vulnerable clients. There is plenty of blame to go around, but the auditor’s performance was dire.
Ryan was doing business with the trust and its founder – Fr Peter McVerry – while charged with conducting an independent audit of its books. Trouble followed.
Given the evidence, the ACCA panel was right to sanction Ryan. This was an important case for public confidence in the auditing profession, yet the minimum was done to publicise the hearing of the case.
Ryan’s misconduct went on for nine years. Nothing happened while he was the auditor. No one shouted stop, and it appears the punishment was swept under the carpet.
