Donal O’Donovan: Auditors determined to avoid blame over Anglo
IT IS not only in Ireland that auditors are under fire for what they saw, or failed to see, on banks' balance sheets. But prosecutions remain rare.
The decision by the former Anglo Irish Bank, now Irish Bank Resolution Corporation (IBRC), to sue auditors Ernst & Young fits a pattern seen around the world since the start of the banking crisis – but those taking cases have met with limited success.
Previous experience suggests that IBRC should expect trench warfare if and when it gets as far as the High Court with its claims against Ernst & Young.