PracticeAuditIrish institute fines U2 accountant

Irish institute fines U2 accountant

One of Ireland's most high-profile accountants, Ossie Kilkenny, who handled the affairs of rock band U2, has been 'severely reprimanded' by the Institute of Chartered Accountants in Ireland for breach of its ethical guidelines.

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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