Oireachtas Joint and Select Committees

Wednesday, 20 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Dargan Fitzgerald:

Well, you'll forgive me saying, not being present at the meeting, I'm not sure in quite what context it was made, and it feels like a very high-level comment where the chief executive is commenting to the audit partner to give the audit partner a flavour for his level of confidence in using the financial information generated internally to make management decisions, in other words, an operational and business focus. not strictly the domain of the audit in terms of the external auditor's assessment of risk of financial reporting misstatement. But, having said that, one which, as I think you can probably take from the fact that the note is reproduced so, if I may say so, comprehensively and included on our audit files, one that I'm sure would've been taken into account in the subsequent audit work.

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