Oireachtas Joint and Select Committees
Wednesday, 6 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Cormac McCarthy:
Again, internal audit in Ulster Bank was a pretty strong function and did a lot of work that was governed by RBS group internal audit. We had a very strong audit committee that was independently chaired. Again, the papers have been submitted to the inquiry. It acted independently and behaved independently, including separate reporting to Royal Bank of Scotland, so we had a very strong functioning internal audit function as well.
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