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Ernst & Young Anglo Irish Bank audit criticised

The chairman of Ireland’s Oireachtas Committee on Economic Regulatory Affairs
has criticised the failure of Anglo Irish Bank’s external auditors Ernst and
Young to appear before the committee, RTE Business reported.

Last night Ernst and Young said it would not be appropriate to appear because
the secret loans to directors issue is still under investigation, RTE said.

The chairman of the Oireachtas committee, Michael Moynihan, said the secret
loans to directors at Anglo Irish Bank had destroyed faith in the financial
system. He said he was ‘extremely disappointed’ that the external auditors had
refused to appear before the committee.

Ernst and Young said it received legal advice that it would not be
appropriate to appear before the committee. It said on the basis of information
it received from

Anglo’s management it believed its audit had been up to scratch.
However, the internal auditors have decided they will appear before the
committee today, RTE said.

Read the full story:

Ernst
& Young’s committee decision criticised

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