Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank Mr. Morris for his comments and submission. I can see both sides of the argument. My instinct is that it is not particularly healthy for the same firm of auditors to audit a credit union indefinitely. I know there is the proviso that the engagement partner needs to change every five years. Certainly the role of the auditors in auditing the banks in recent years is something that could be called into question and could be the subject of a separate inquiry given that they failed to highlight the risks that were clearly building up in the banking system. In the case of financial institutions and credit unions, the bottom line is the risk to members. We need to ensure that all of these bodies are being operated effectively and that members are protected. It is not necessarily healthy to advocate an indefinite relationship between a credit union and one particular auditor. Does a similar provision apply in the case of banks as is provided for in the general scheme? Can auditors remain with banks for an indefinite period?