Business Irish

Sunday 23 October 2016

Dunnes Stores is changing auditor

Published 06/01/2016 | 02:30

Dunnes Stores
Dunnes Stores

Dunnes Stores is changing its auditor for the third time in five years.

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Ernst & Young (EY) has just resigned as auditor to the business, having been appointed to the role in 2011 following a tender process.

It had succeeded Deloitte, which held the role on its own for a year from 2010. Deloitte had previously held the auditing role at Dunnes Stores on a joint basis with Smith & Williamson Freaney, previously known as Oliver Freaney & Co, for a long number of years.

The latter accountancy firm had acted as auditor for Dunnes Stores for decades.

In 2003, an appeals committee established by the Institute of Chartered Accountants in Ireland (ICAI), upheld findings that Deloitte & Touche could not have been considered independent in carrying out an audit of companies in the Dunnes Stores group for a period of several years up to 1997 and that the firm's objectivity could not be assured.

The appeals committee also determined that Oliver Freaney & Co had departed from auditing guidelines and failed to fulfil its professional obligations in carrying out the audit of Dunnes Stores (ILAC) Ltd for the financial year ended January 1, 1994.

EY's departure from Dunnes Stores was effective from last month.

Irish Independent

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