Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-134-000"
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"en.20110913.34.2-134-000"2
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"Mr President, on the role of auditors, Ireland has certainly had some difficult experience. I quote the chairman of our National Asset Management Agency, Frank Ryan, who controversially questioned the auditing role of accountants in the run-up to the collapse of banks which were transferring billions of bad and doubtful loans to an asset management agency. He said that it was hardly credible for auditors to say that it is not their responsibility to draw attention to significant risks that may become evident in the course of audits, such as, for instance, the extraordinary concentration of risk that developed at a number of Irish financial institutions between 2004 and 2007.
We certainly need to examine very carefully the role and the work of auditors and we will need to change the rules. I compliment Commissioner Barnier on his observations last night on the concentration of power in the hands of a very few audit companies."@en1
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