Labour seeks rethink of proposed accounting bill

The Labour Party has called for a re-assessment of the proposed Companies Auditing and Accounting Bill following criticism yesterday of two of Ireland's leading accountancy practices.

Deloitte and Touche and Oliver Freaney & Co were both reprimanded and censured by the Institute of Chartered Accountants following a six-year investigation into their dealings with Dunnes Stores and Celtic Helicopters.

The investigation was sparked by questions which arose during the McCracken Tribunal.

Labour spokesman Brendan Howlin said the matter highlighted the importance of introducing effective legislation.

He said the proposed Companies Auditing and Accounting Bill, as it stands, was cumbersome and would not restore public confidence in the accountancy profession.