Accountant told to pay €20,000 over misconduct
Chartered accountant Kevin O’Donovan of O’Donovan and Partners of Bridge Street, Cork, was also severely reprimanded by the Chartered Accountants Regulatory Body (CARB) over his handling of a client’s accounts.
In one of the first investigations since it was established earlier this year, a CARB disciplinary tribunal found Mr O’Donovan was in breach of his professional code on five separate grounds.
The tribunal found Mr O’Donovan had contravened the profession’s bylaws on three occasions by failing to co-operate with the disciplinary process.
It ruled he had failed to provide a full and clear explanation to the professional body on how he had accounted for a balance of €20,544 due to the estate of a client.
The accountant also failed to reply to the CARB’s request for clarification that all bogus non-resident accounts relating to a client had been properly disclosed by Mr O’Donovan to the Revenue Commissioners.
Mr O’Donovan was also reprimanded for failing to provide a copy of a letter which he claimed to have sent to the Institute but which had not been received.
The disciplinary tribunal found he had also acted contrary to an ethical guidelines by being in receipt of a loan from a client while acting in a professional role.
The Institute of Chartered Accountants in Ireland confirmed Mr O’Donovan had not exercised his right to appeal the findings of the disciplinary tribunal.
The accountant did not reply to calls to his office seeking a comment yesterday.
