Auditor of firm linked to Ansbacher scheme disqualified on appeal

THE Supreme Court has ruled the auditor of a company used by the late accountant Des Traynor for a “sophisticated and extensive scheme” of tax evasion by Charles Haughey and others must be disqualified or restricted in some way on grounds of unfitness.

While the cumulative effects of the actions of Patrick McCann as auditor of Kentford Securities was “very grave”, the court noted he has had a “chastening” and costly experience over several years as a result and the impact of disqualification may be “particularly severe” on him. It said it would consider submissions at a later date as to whether a shorter period of disqualification should apply.

The court yesterday unanimously allowed an appeal by the Director of Corporate Enforcement (ODCE) against the High Court’s refusal to disqualify Mr McCann despite finding failures in his conduct as auditor and director of Kentford.