Cork accountancy firm reprimanded by CPA Ireland

Firm also fined €15,000 over its failure to issue a letter of engagement to a client at any stage before issuing the client with an invoice

The practice’s co-founder, Jim McCarthy, was also separately reprimanded and fined €5,000 over his failure to issue a letter of engagement to a client.

A Cork accountancy firm and its co-founder have been fined €20,000 after being found guilty of misconduct by their professional regulatory body.

The Institute of Certified Public Accountants of Ireland issued the accountancy firm, MC2 Accountants, of Penrose Wharf, Penrose Quay, Cork, with a severe reprimand and a fine of €15,000 over its failure to issue a letter of engagement to a client at any stage before issuing the client with an invoice.

MC2 Accountants was also found to have failed to have issued the client with an adequate breakdown of fees charged on an invoice issued in August 2018, contrary to the institute’s code of ethics.

The practice’s co-founder, Jim McCarthy, was also separately reprimanded and fined €5,000 over his failure to issue a letter of engagement to the same client.

A report by CPA Ireland said it had established prima facie evidence of misconduct by MC2 Accountants and Mr McCarthy on foot of a complaint made to the institute.

It also ordered them to pay €3,000 in legal costs.

It is understood evidence of misconduct in relation to several other complaints about the conduct of MC2 Accountants and Mr McCarthy  was not established and were not the subject of an inquiry by CPA Ireland’s Investigation Committee.

Mr McCarthy, 53, from Waltham Abbey, Old Quarter, Ballincollig, is the managing director and co-founder of MC2 Accountants, which he established with his business partner, Seán McSweeney in 2013.

He is also a director of Clydaville Holdings — the company which operates the Kilkenny group of design and gift shops.

Mr McCarthy also has a shareholding in a number of pubs including the Tradehouse Central in Ballincollig.

Jan 4, 2023: This article originally and incorrectly referred to the Elm Tree pub in Glounthaune as one of the businesses in which MC2 Accountants co-founder Jim McCarthy has an interest. Mr McCarthy has no interest or involvement in the Elm Tree pub. We are happy to correct the record and apologise for the error.