The Accountancy and Actuarial Discipline Board has launched an investigation
into the audit of collapsed Irish investment body Presbyterian Mutual Society.
Moore Stephens Chartered Accountants in Northern Ireland will be investigated
in connection with its audit of the troubled Irish mutual, which collapsed in
November holding £300m of shareholder investments.
The AADB’s decision to conduct the probe was taken after receiving
information from the Financial Services Authority and a reference from the
Chartered Accountants Regulatory Board on behalf of the Institute of Chartered
Accountants in Ireland.
The watchdog is also investigating the conduct of ICAI-licensed members not
employed by the firm.
The AADB said: ‘The Accountancy and Actuarial Discipline Board has launched
an investigation under its Scheme for the accountancy profession into the
conduct of members of the Institute of Chartered Accountants in Ireland and of
Moore Stephens Chartered Accountants in Northern Ireland as auditors to the
Presbyterian Mutual Society Limited, in connection with events leading up to
Presbyterian Mutual Society being placed into administration.’
The AADB added it would be investigating the ICAI members and Moore Stephens
as a member firm of the institute ‘in relation to the alleged failure by
Presbyterian Mutual Society Limited to obtain the appropriate regulatory
authorisation for the conduct of its business during the period from 2000 to
The firm said: ‘Moore Stephens in Northern Ireland welcomes the AADB inquiry
into the narrow issue of the regulation of the Presbyterian Mutual Society
‘The inquiry, which would be considered routine in such cases will benefit
from the full co-operation and support of the firm.
‘We would point out that the members of the Institute of Chartered
Accountants in Ireland referred to in the AADB press release are not the
partners or employees of Moore Stephens in Northern Ireland.
‘It is to be hoped that the investors of the Society obtain the support from
both local and national government that they deserve.’
Read the AADB statement:
investigating accountants in connection with Presbyterian Mutual Society
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