By Crikey reporter Sophie Vorrath

It looks like Steve Vizard’s tight-lipped ex-accountant Greg Lay won’t be under any pressure from the Institute of Chartered Accountants to cooperate with ASIC.

Bill Palmer from the accounting body’s standards, ethics and corporate reporting department has told Crikey that the Financial Review‘s article yesterday that claimed Lay had a “professional obligation” to provide evidence of any dodgy dealings is “incorrect” and “misleading.”

The ICAA apparently has no power to compel its members to report criminal behaviour – its guidelines on reporting fraud and other illegal acts are “purely guidance notes.” And the organisation says it would only take disciplinary action against a member if the member was found guilty of illegal activities by a court of law.

So what does ICAA advise its members do in Lay’s situation? Seek legal advice, says Palmer.

Peter Fray

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