PracticeAuditE&Y lose out to Deloitte on AIB audit

E&Y lose out to Deloitte on AIB audit

Troubled Anglo Irish Bank switch external auditors after ten years

Deloitte has been appointed external auditor of the government backed Anglo
Irish Bank, replacing Ernst & Young, The Irish Times reported.

Anglo Irish Bank, which was hit hard by the financial crisis, has been at the
centre of controversy and is currently being investigated by The Garda,
Financial Regulator, Director of Corporate Enforcement and the Irish Auditing
and Accounting Supervisory Authority.

In March, the bank reported €4.1bn (£3.52bn) in toxic debt, leading to
questions about its financial management.

According to the Times, E&Y had signaled its intention to bid
for the external audit contract. It was suggested however that the fallout,
following Anglo’s much publicised financial troubles, may have affected E&
Y’s chances.

The Times reported that E&Y earned €9.1m (£7.8m) in fees from the Anglo
audit over the past 10 years.

Read the full story:
Anglo
Irish Bank appoints Deloitte as auditor

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