Oireachtas Joint and Select Committees
Wednesday, 20 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Ronan Murphy:
In terms of the audit teams, it has been a very consistent model over many years and it is applied consistently throughout the profession. There are really four levels. There is the partner and as I say, in our firm we have 95 partners. Their job is to make the critical judgments. They consult as widely as they need internally, they have the support of the quality review partner, but they are the ones who can commit the firm. The next level below the partner are the directors, senior managers and managers, who are very experienced accountants who are in charge of the project management of the audit. Below them are the qualified seniors. These would generally be qualified chartered accountants. They would be on-site on clients throughout the period of the audit and they would be supported by unqualified staff. These would be trainees, who are training to become chartered accountants.
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