News Article - 27 July 2006
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The agency responsible for investigating alleged wrong-doing within the accountancy trade is to look into the conduct of accountants in Northern Ireland, it announced.

The Accountancy Investigation and Discipline Board (AIDB) said that it would investigate the conduct of member firms and members of the Institute of Chartered Accountants in Ireland, with specific concern to activities surrounding the Emerging Business Trust (EBT) and the Local Enterprise Development Unit (LEDU).

In a statement, the AIDB said that it would look into all parties concerned, including directors, employees, auditors.

In particular, the investigation will focus four main points, including "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 [EBVTF]".

The conduct of the said individuals would also be investigated in relation to applications to the EBT and EBTVF, while enquiries into Michael Townsley's share holdings in Fusion Antibodies, Arcom and Genomic Mining would also be looked into.

Finally, the conduct of EBT and EBTVF auditors McClure Watters Chartered Accountants will also be the subject of investigation.

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