Business

Friday 23 February 2018

Bank auditors will have to pay a new levy to watchdog

BANK auditors will have to pay a new levy to a watchdog to prevent a repeat of the errors made during the economic boom.

There have been widespread complaints that auditors signed off on the accounts of banks during the economic boom without reporting any major concerns. Despite getting the so-called ‘clean audits’, these banks later ended up on the brink of collapse and required a €64bn taxpayer bail out.

Jobs Minister Richard Bruton said the new levy would allow the supervision of auditors to be carried out independently rather than by accountancy bodies in the industry.

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