John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I have a question on the relationship between auditors and the financial institutions being audited. Is there not a contradiction at the heart of the traditional appointment of auditors by financial institutions as well as other companies? I do not want to ask a leading question. Is there not a contradiction in the sense that if one is a commercial bank and choosing one's own external auditors, does that not, potentially at least, lead to a contradiction in what the audit hopes to achieve, and in terms of the true and fair test that we mentioned?