Irish accountants face AIDB probe

Irish accountants face AIDB probe

Firms and individual members face questions over conduct

Firms and members of the Institute of Chartered Accountants in Ireland will
be investigated by the UK’s independent disciplinary board over their conduct at
Local Enterprise Development Unit (LEDU), the Emerging Business Trust and the
EBT Venture Fund Limited, in their capacity as either ‘auditors, advisers,
directors, employees or in any other capacity’.

The Accountancy Investigation and Discipline Board will investigate:

· The role and conduct of Teresa Townsley, Michael Townsley, and MTF
Chartered Accountants in relation to the operation and affairs of the Local
Enterprise Development Unit (LEDU), and the establishment, operation and affairs
of the Emerging Business Trust and EBT Venture Fund Limited.

· The role and conduct of Teresa Townsley, Michael Townsley, and MTF
Chartered Accountants in relation to applications to the Emerging Business Trust
and EBT Venture Fund Limited for funding, and the approval of those
applications.

· The role and conduct of Michael Townsley in relation to his
purchasing/holding of shares in the following companies – Arcom Limited, Fusion
Antibodies Limited and Genomic Mining Limited

· The conduct of McClure Watters Chartered Accountants as auditors to the
Emerging Business Trust and the EBT Venture Fund Limited.

The AIDB operates as one of six bodies that form part of the independent
accounting regulator, the Financial Reporting Council.

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