Oireachtas Joint and Select Committees

Wednesday, 20 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John McDonnell:

We would have always been involved in debate in the markets around auditing standards, we would be constantly in debate with the body who sets auditing standards, the body who set accounting standards, we would always have been involved in the debate about good corporate reporting and, I don't have examples, but I'm sure that we were involved in saying that, you know, we would always be promoters and supporters of better communication to the marketplace. And we would have always been supporters in, since well before the banking crisis, about, you know, auditors looking at a better way to communicate what they do because there has always been an expectation gap between what we do and what people perceive that we do. But I can't pinpoint a specific and say that as a result of the crisis we did X, Y and Z; we would have been constantly involved in that debate.

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