Irish

Friday 1 August 2014

Anglo auditor went on to win state contracts

Roisin Burke

Published 02/12/2012|05:00

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Even after Anglo Irish Bank collapsed into state ownership, its auditors during boom years continued to win lucrative government and Central Bank contracts.

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Ernst and Young earned €9.1m as Anglo auditor in the decade up to its nationalisation in January 2009.

The Central Bank paid Ernst & Young €240,000 for consultancy work on bank stabilisation measures in 2010. The Central Bank and the Financial Regulator also commissioned Ernst & Young for financial consultancy services on the Banking Guarantee Scheme that year.

The Department of Finance paid €194,000 to Ernst & Young for a corporate tax study in 2010.

In 2009 the Department of the Environment paid Ernst & Young €219,702 for capital project review work and the department of Social Protection paid €234,342 between 2009 and 2012 for "information security support".

Ernst & Young also had contracts with the Public Expenditure Department in 2011 to provide "financial advice" and with Foreign Affairs in 2010.

Dublin City Council paid the auditor over €250,000 for consultancy on waste services.

The HSE used Ernst & Young to assess its SKILL programme in 2011.

It has carried out work for Nama and the NTMA and was hired by Anglo's rebranded entity IBRC as auditor of Quinn Group.

Ernst & Young, which has said it will defend an IBRC legal action related to its auditing of Anglo, didn't respond to requests for comment.

Sunday Indo Business

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