Saturday 24 June 2017

Accountancy body to determine 'next steps' for EY following conclusion of Anglo case

EY is currently being sued by the liquidators of the renamed IBRC over alleged failures in its role as Anglo Irish Bank’s auditor (Stock picture)
EY is currently being sued by the liquidators of the renamed IBRC over alleged failures in its role as Anglo Irish Bank’s auditor (Stock picture)
Michael Cogley

Michael Cogley

The Chartered Accountants Regulatory Board (CARB) is to enquire to the Director of Public Prosecutions about the repercussions facing auditors EY after Friday's court ruling on Anglo Irish Bank.

EY was previously the external auditor for Anglo back in 2008, when a €7.2bn fraud occurred.

On Friday Judge Martin Nolan said that it "beggared belief" that EY had signed off on Anglo's accounts at the time.

Read more: Ernst & Young 'should have known' about massive scam

Since then CARB issued a statement saying: "CARB remains in contact with the Director of Public Prosecutions following its original request that CARB refrains from taking any action until all cases currently sub judice have been concluded fully.

"CARB will resume contact with the Director of Public Prosecutions following Friday's events to establish next steps."

The accountancy board had previously been asked by the DPP not to take any action on the transactions between Anglo and Irish Life and Permanent.

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