Irish institute fines U2 accountant

He was fined £12,700 in addition to the reprimand. The breaches relate to his business dealings, specifically to complaints that he acted as auditor to a company in which he was a major investor and to which he supplied corporate secretarial services.

The case was investigated by the ICAI’s complaints committee and Kilkenny accepted the ‘censure order’ made against him, which meant a full disciplinary hearing did not take place. A notice of the outcome was published, but because of a ‘consent order’ between him and the ICAI – in effect, a plea bargain – neither he nor his firm was identified.

Given Kilkenny’s high profile – as well as once handling U2, led by Bono, he is chairman of the Irish Film Board and a major investor in a new Dublin radio station – there has been criticism of ICAI for adopting this approach. Its self-regulation procedures, criticised by Irish deputy prime minister, Mary Harney, are likely to be put under further political scrutiny.

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