Results 8,781-8,800 of 26,050 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: -----practices, including yourselves.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: So you might just give us a general overview of your general dealings with the regulator.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: And in terms of what you quoted in your own internal report on going concern, page 27, and also your reference to the regulator, do you feel that it was in order to take the evidence or to take the assurance of the regulator in terms of that there wasn't an issue with solvency with the bank in terms of the breaches of the zero to eight days category?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: That was ... that was 31 December 2008.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: And did you adjust their accounts ... the provision they made, that based on post-year audit, did you look for a higher impairment provision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Well, I suppose, two things then might feed into that. Would you have carried out, independently, stress tests on the loans for EBS? And, secondly, what did you set the level of materiality ... which is obviously the benchmark at which you look at making adjustments ... if it's below a certain figure, an adjustment isn't required ... what was the level of materiality for the EBS audit and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: And can I ask ... you might just explain to people looking in how you ... because that means that you dropped it by not too far off €5 million. That's a significant drop of €7.3 to €2.7 million. Will you explain how that would operate in practice in terms of carrying out the audit and how it was dealt with loans?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Why did you feel it necessary to drop your materiality level from €7.3 million to €2.7 million in one year?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: And did it give rise to you requesting that EBS make a larger provision in terms of an impairment provision ... in terms of loans ... than they had provided based on the accounts that were provided to you to be audited?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: What did it result in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: I suppose, in simple terms, Mr. Fitzgerald, did your audit result in an increased impairment charge or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Okay. Is it in order, Chairman, for me to quote from the Nyberg report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: You're familiar with it, okay. Can I ... I want to quote from page 51 and, I suppose, it's the question that people ask. It says, and I quote:All of the covered banks received unqualified audit reports throughout the Period. An obvious question is: why did the banks require State support in 2008 so soon after all of them had received unqualified audit reports from various auditing firms? ...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: But emphasis of matter was always available, Mr. Fitzgerald.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: And, I suppose, the final question I have is that Nyberg, in his report ... he basically headed up the issue on external auditing. He said: "The Silent Observers: External Auditors". How would you ... what would be your reaction to that statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Well, I suppose, let me put the question another way.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Do you believe that the role of the auditor is too limited in terms of dealing with the audit of organisations in terms of expressing a true and fair view? Do you think it was too limited?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Can I just take up the true and fair view, just to get clarity? You're required to audit obviously under company law but, in here case, it was built inside the Act 1989 for a true and fair view. The question, I suppose, I want to ask is, with the change in ISI 39 in terms of recognising losses from 1 January 2009, did it bring about a delayed recognition of losses after...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Can I just ... the context ... am I correct in saying that ISA 39 ... from 1 January 2005 was amended in that way because it was felt that financial institutions were effectively smoothing out losses, they were making provisions up ahead and they were effectively smoothing out losses and that ISA 39 ... it still dealt with ... on a discounted cash basis. So, you were still looking at the...