26 Mar 2009
An accountancy watchdog has asked former comptroller auditor general John Purcell to widen his inquiry into Anglo Irish Bank to include the €7.45bn (£6.87bn) in deposits transfers between the bank and Irish Life & Permanent, the Irish Times reported.
Purcell will also investigate the performance of the bank’s auditors, Ernst & Young, the newspaper said.
The regulatory board of the Institute of Chartered Accountants in Ireland appointed Purcell last month to investigate matters at Anglo to see whether there were any breaches of its rules by members.
The complaints committee of the Chartered Accountants Regulatory Board had already asked Purcell to examine issues surrounding directors’ loans and other matters at Anglo, the Irish Times said.
Purcell has now been asked to extend his investigation to examine other issues, including the short-term deposits lodged by Irish Life & Permanent through its subsidiary, Irish Life Assurance, with Anglo last September, the paper added.
He will also examine loans of €451m provided by Anglo last year to a group of 10 customers to buy 10% of the bank’s shares indirectly held by businessman Seán Quinn.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.