Oireachtas Joint and Select Committees
Wednesday, 20 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Dargan Fitzgerald:
Well, I'd make a couple of comments. The first comment I'd make is I do think the statement valuably highlights that at the time audit reports were what's sometimes called "binary" in nature. They either qualified and said there was a major problem or they were unqualified and suggested, perhaps, to a reader unfamiliar with financial reporting, that there was no problem. And, in that regard, I think that developments since then have been very helpful in terms of allowing audit reports ... or, I should say, requiring audit reports of certain public interest entities to now contain a detailed commentary on the nature of financial reporting risks encountered by the auditor during the audit and the nature of key judgments made by audit committees, directors and management. And, those items were not present in audit reports of the time so-----
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