Ned O'Keeffe (Cork East, Fianna Fail)

New legislation should be drawn up for auditors. The auditors in this country are a joke. When they are conducting audits they engage consultants to look into tax problems and other difficulties in companies. That is the problem that arises. The auditors are not independent but are extremely well paid. I am blaming them here and have no apologies to make for that. I served as a director on the boards of companies and I saw what went on. I have seen situations where companies were in crisis and people were sacked or walked out. That was in my younger days, before I came in here. I am sorry I came in here now because I might have got one of those big jobs.

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