Results 4,321-4,340 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. If we could just look at a board minute, and it's in the document on page 4 of the KPMG core document. It's a board minute from December 2001, if you have it in front of you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: The page is mostly redacted but at the top we've the group chief executive's report and in that main paragraph, Mr. Buckley talks at the bottom of the paragraph, about the need to make a significant capital investment in the development of a "single information management architecture." So would you have come across this problem when you were then auditing - in 2002 - the year 2001?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And you said that it took until 2007 to bring in that single information management architecture?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Without the implementation then of such a management system for information ... I mean, could you be confident that you had a full picture?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay, if we could turn then to page 9 in the same document please. And you talked, Mr. Dobey, in your opening statement about the effective communications of risks between KPMG and AIB. And here we have, in relation to credit control and credit provisioning, an observation in the second paragraph on the left hand side, "During the course of our audit, we noticed 11 significant provisions...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And in the management response then on the right hand side, that's AIB accepting your observation and recommendation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And is that then case closed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Thank you. I want to just move into another area there in relation to IAS 39. KPMG is an international company.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: KPMG operates in Spain?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Do you audit banks in Spain?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So what are the recommendations that came out of the Nyberg report on page 20? He talked about the big auditing institutions having access to warning signs, and it was unexpected, he said, that the international experience that big auditing firms had was not used more. Would KPMG in Ireland have been aware that the Spanish banks and the Spanish regulator were not implementing IAS 39 fully?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Was the Spanish approach, or the carve-out as you described it, was that better practice?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Thank you and just then to conclude on that point. I mean did you discuss this issue about what was happening in Spain or the discussions that you'd had with AIB about this accounting standard? Did you discuss them with the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: Thank you, Chairman, and thank you to both the witnesses. The reference for my question, Chairman, is at pages 37 to 40 in the core booklet. But before I come to that I just wanted to go back, Mr. McDonnell, to something you were speaking about earlier in relation to PwC and the dedicated banking unit that you have. Was this unique amongst audit firms at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: Is that still the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: Okay. And within that unit you had, you said, the specialist banking, retail banking, treasury teams. But did you ever consider a specialist property lending team?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: But no one with a particular focus on, say, property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: Component.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: Okay. And when the bank began to change its internal structures at the beginning of 2001, specialist property financing units, and then in 2004, a dedicated property unit, was there a discussion in PwC about changing how you might audit the bank's activities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Eoghan Murphy: So your concern would have been that you have the necessary expertise to audit what the bank was doing - not necessarily a concern with the additional risk the bank may or may not been taking on?