Michael D'Arcy (Fine Gael) | Oireachtas source

In the 2005 report, the review of effectiveness of internal audit, KPMG stated the existing internal audit ... this is Vol. 2, page 93, Chair:

The existing internal audit function is not [the] best practice. ... In particular it lacks the depth of experience necessary to challenge the areas of key risk, which includes Treasury and Commercial Lending.

In the 2008 management letter, KPMG stated, "the Society's Internal Audit department needs to build up its experience and training in order to perform reviews of key risk areas which are currently outsourced to a third party service provider".

Similar concerns were raised in '04, with the Financial Regulator concluding:

The level of resources in this area are deemed to be inadequate ... The FSR has concerns with regard to the level of expertise and experience which exists in the IA function.

The Financial Regulator concerns expressed in '07 echo this sentiment. Can you explain why no apparent effort was made to address the concerns raised by both your auditors and the Financial Regulator over a period ... over a number of years?