PracticeAuditAccountancy watchdog seeks to widen inquiry into Anglo Irish

Accountancy watchdog seeks to widen inquiry into Anglo Irish

Institute of Chartered Accountants in Ireland will examine the performance of the bank’s auditors, Ernst & Young

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.

Further reading:

Ernst
& Young Anglo Irish Bank audit criticised

Overview:
Anglo Irish Bank scandals

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