Oireachtas Joint and Select Committees

Thursday, 20 September 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Credit Union Bill 2012: Discussion (Resumed)

10:35 am

Mr. Kevin Morris:

There are a number of reasons. I am a member of Chartered Accountants Ireland. Obviously one must be independent and apply professional scepticism. It is very important that in the planning stage of any audit each firm assesses itself to be happy that it remains independent. One must assess at that point the number of years one has been involved in the appointment and one's over-familiarity with the client. That is an issue and it is safeguarded under the current rules by requiring a different responsible individual to rotate to look after that client as an engagement partner once every five years.