Results 10,741-10,760 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Thanks very much, Deputy. Just before I move on to the next member, if I can just ... one of our lines of inquiry is the integrity of financial reporting, Mr. McDonnell and Mr. Murphy. In around 2005, most banks adopted the IAS 39 in relation to the calculation of the provision of bad debts. Within the industry, was there any discussion or opinion about this standard and particular in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: So, upon the commencement then, Mr. McDonnell, of the adoption of the international auditing standard, IAS 39, did this mean that the audited financial statements no longer had to comply with the true and fair standard that ... of the previously accepted standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: And in your firm-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: In your opinion, Mr. McDonnell, do you believe that ... did you feel that it was right for the firm to adopt the standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: In your opinion, did the firm feel it was right to adopt the standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay. And-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Yes, and we accept that the rule had to be applied, but, I suppose, the question I'm putting to you this morning is ... during PwC's interaction with the bank, did either party express concerns regarding the adoption of IAS 39?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: But in a general capacity, Mr. McDonnell, when a rule is being applied, I'm sure you, as the auditor, and the firm that you're auditing would talk about how the rule gets rolled out and all the rest. But what I'm asking you here is, was there concerns being expressed by either your firm or by the bank or were you in discussions that there were going to be concerns with regard to how this...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay. I understand that and I'm going to move on now to the next questioner, but I just want to ask that question again to you. I understand what you're saying with regard to any new accountancy rule that comes down, people have to be trained up, people have to be familiarised with it and so forth, but, specifically in regard to IAS 39, was there any concern held by either your firm or by...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: -----I'm asking was there a concern.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: I'm sorry, Mr. McDonnell, but I'm going to have to press this with you. I understand how rules get applied, but in the ... what I'm asking you was, in all of that process, was there a concern about the rule? Now, I'm not asking for a "Yes" or "No" question, I'm just asking you was there a concern about the rule.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: I-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: I can go into legislation that I have here now that would've forced you to answer a question if I wished, but I'm asking you was there concern about the rule in your firm or in the bank or were there discussions with regard to a concern around it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay. Thank you. Deputy Michael D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Are you finished? Okay. Just a ... further on Deputy or Senator D'Arcy's questions there. Did PwC have any concerns with the exceptions to the lending policies and the level of exceptions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay, and were these concerns sent along then and addressed?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay, thank you. Deputy Michael McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: I'm going to move to wrap up. I'm going to invite both leads in for five minutes. Before I do, if maybe I could just put a general question to both Mr. Murphy and Mr. McDonnell. In the firm's opinion, did the external audit fulfil its role or not?