Oireachtas Joint and Select Committees
Wednesday, 20 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Dargan Fitzgerald:
No I don't feel so, Deputy. You, I am sure, are aware from other testimony that there is a very formal system of audit partner rotation. And there is also a system of rotation of what is called "key audit personnel", which means that the senior personnel with extended periods of tenure on the audit team are also rotated. So, I feel that the audit partner rotation, which is precisely the reason I took up as audit partner in 2007, rotating in, as we call it, for the preceding audit partner after his five-year period in place. There is, actually, a balance to be struck between familiarity and closeness to the client. And it is precisely for that reason that our ethical standards require the mandatory partner rotation.
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