Mick Wallace (Wexford, Independent) | Oireachtas source

Speaking of Mazars, this morning Professor Richard Murphy of University College London called for greater regulation of the big four accountancy firms because of their ongoing facilitation of tax avoidance. We all know the names of the four firms: Deloitte, PwC, Ernst & Young and KPMG. Mazars is probably No. 5. The goal of the European Union with the directive was to reinforce the independence of auditors and there is probably no one more independent than the Comptroller and Auditor General. I argue - I think the Minister would not disagree with me - the Comptroller and Auditor General is more independent than any of the big five, including Mazars. Article 14 of the EU directive which deals with statutory auditors states, "In exceptional circumstances, Member States may derogate from the requirements laid down in this Article ...". NAMA has always been an exception, dating back to 2009 when the European Commission gave it a special exemption to receive state aid. Will the Minister tell us whether his Department sought an exemption from the European Union because of exceptional circumstances and, if not, why not?

See this speech in context