Results 3,721-3,740 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: You don't have any more detail as to what he-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: -----what he was saying about the changes or looking for changes to collateral rules?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Thank you, Chairman. You've caught me by surprise there. Gentlemen, I've a general question at the start about risk assessment and maybe it's more appropriate for Mr. Dobey, but feel free to answer, Mr. O'Rourke, if you wish. With regards to the preparation of the firm's annual audit plan, and the risk assessment underpinning it, did the risk assessment approach adopted change to meet the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Briefly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: No, no, and I'm not wishing to cut you short, but I only have limited time and I've a whole series of questions that I wish to ask. Did you see the evidence from your counterparts yesterday from Deloitte and Touche?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay. I want to put a quote to you from Mr. Fitzpatrick from yesterday. I asked him whether ... he's the head of audit in Deloitte ... whether they do bank auditing differently now than they did when they were auditing Ulster Bank prior to the collapse and in light of the findings of the Nyberg report. His response was:I wouldn't ... I wouldn't say we've done it differently. I think that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Is the physical way that an audit is conducted different in any respect?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: In any substantial way.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay. Can I ask, in relation to the auditing of AIB, how many people are involved in the team in total? I don't want to know particularly about individuals, but what sorts of grades of staff are we talking about?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: How many in total then? Twenty-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Twenty.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay. And typically then would the ... and the phrase I used yesterday was the "grunt work" of the audit be carried out by more junior members of staff, with senior partners supervising their work or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: So most of the 200 would be pretty junior?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: Okay, that's grand.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: I want to turn to the Nyberg report, page 56, paragraph 3.6.2 - you'll be familiar with it, I would think, anyway, gentlemen - where he says, "The commission would have expected a bank auditor exercising necessary professional scepticism to have concerns where there were growing property and funding exposures, combined with material governance failings." Do you accept that finding of the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: I only have 40 seconds left.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

John Paul Phelan: In relation to that comment, does it apply to your auditing of AIB?