The former Ombudsman for Northern Ireland, Nuala O’Loan, who carried out investigations into Police corruption and spies in the North’s conflict, has praised Limerick accountants for their role in underpinning the democratic process. 

Ms O’Loan, is currently Ireland's first Roving Ambassador, and Special Envoy for Conflict Resolution in Timor Leste, formerly East Timor.

Addressing the annual dinner of the Mid-West branch of the Institute of Certified Public Accountants in Bunratty, Nuala O’Loan lauded the accountancy profession for the key role it plays in the “transparency, openness and accountability”.

Ms O’Loan added that external vigilance is the price we have to pay for our liberty.

“We must always be on our guard and maintain vigilance for threats to our liberty and our way of life. Professionals like accountants who literally hold those in power to account are a vital element of this”, she said.

According to Ms O’Loan accountants are rarely given due credit for the highly significant role they play in both the governance of the country and the economy. “Among the key functions of government is the raising of taxing and the expenditure of taxpayer’s money.”

Ms O’Loan said that the roles of policing and scrutinising these functions are largely carried out by accountants who work in the background overseeing the processes of compiling the ‘Book of Estimates’ and drawing up departmental budget.

She added that they also look after allocating public money to different areas and carrying out the auditing function to make sure that it has been spent properly and not misappropriated in any way.

“Our reputation for the highest standards of probity in government has been among the key factors in attracting overseas investment to this country over the years; and accountants can claim at least some part of the credit for that”, she said.

She also pointed to the key role the profession plays in the private sector. “One of the central pillars on which Ireland’s recent economic success has been based has been international confidence in our banking and financial systems as well as in our business environment,” Ms O’Loan said.

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