Oireachtas Joint and Select Committees

Wednesday, 29 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Duffy:

We have indeed. The internal audit function is ... Frankly any CEO who doesn't have a first class internal audit function puts themselves at personal significant risk. That person is also an independent reporting person in that they don't report directly to me; they report to the chair of the audit committee, who is our SID and is also a non-exec, and a board member. So, I have ... I can't direct audit. So what I do is agree with the board audit chairman what exactly the priorities are for the year ahead and make sure they're executed, but that independence is fundamental. All those policies behind your statement there were also revisited in light of that.

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