News July 2006 Emerging Business Trust

Emerging Business Trust

25 July 2006

AIDB PN 9

The AIDB has decided to investigate the conduct of members and member firms of the Institute of Chartered Accountants in Ireland (ICAI) in relation to the Local Enterprise Development Unit (LEDU), the Emerging Business Trust and the EBT Venture Fund Limited, whether as auditors, advisers, directors, employees or in any other capacity.

The investigation will include, in particular:
  1. The role and conduct of Teresa Townsley, Michael Townsley, and MTF Chartered Accountants in relation to the operation and affairs of the Local Enterprise Development Unit (LEDU), and the establishment, operation and affairs of the Emerging Business Trust and EBT Venture Fund Limited.
  2. The role and conduct of Teresa Townsley, Michael Townsley, and MTF Chartered Accountants in relation to applications to the Emerging Business Trust and EBT Venture Fund Limited for funding, and the approval of those applications.
  3. The role and conduct of Michael Townsley in relation to his purchasing/holding of shares in the following companies:
    1. Arcom Limited
    2. Fusion Antibodies Limited
    3. Genomic Mining Limited
  4. The conduct of McClure Watters Chartered Accountants as auditors to the Emerging Business Trust and the EBT Venture Fund Limited.

This decision was taken following consultation with the ICAI, who referred the matter to the AIDB.

Notes to Editors
 
  1. The Financial Reporting Council (the FRC) is a unified, independent regulator. Its aim is to promote confidence in corporate reporting and governance. The FRC has six operating bodies: the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy Investigation and Discipline Board.
  2. The Accountancy Investigation and Discipline Board ("AIDB") is the independent, investigative and disciplinary body for accountants in the UK. The AIDB is responsible for operating and administering an independent disciplinary scheme ("the Scheme") covering members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland and the Institute of Chartered Accountants in England and Wales.
  3. The focus of the AIDB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the individual accountancy body of the member concerned.
  4. Disciplinary Complaints filed following an AIDB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a Complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body and withdrawal of practising certificates or licenses.

Document created under a former FRC operating body.

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