Warning over rogue accountancy firms

Chartered Accountants Ireland (CAI) has warned that there are more than 120 accountancy firms operating without any regulatory oversight and a number of them are being run by convicted fraudsters.

The findings emerged from the first industry-wide census of more than 2,000 firms offering accounting advice by the main accountancy bodies.

The CAI warned its research had found that some of the 120 firms identified as not being regulated were managed by people who have no qualifications, have served prison time for fraud or were before the courts on fraud charges.