Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The point I am making is that Professor Walsh stated some financial institutions were insolvent. One can speak all one wants about the bible of accounting standards. However, it is underlined by basic accounting principles such as prudence, accruals and, ultimately, going concern. Going concern should have been a fundamental criterion in any audit of a bank at the time. This, in turn, would have given rise to a qualification in the audit report.