Auditors and FitzPatrick face regulatory board probe
Former Anglo Irish Bank chairman and chief executive Sean FitzPatrick, who held concealed director’s loans of up to €122 million, is also to be investigated by the accountants body’s complaints committee.
A spokesman for the board’s complaints committee said it has determined the issues concerning inappropriate directors’ loans at Anglo Irish Bank “constitute a matter of public concern”. He said the board is liaising with statutory regulators before proceeding with the next step.
“The appointment of a special investigator is to determine whether there is a prima facia case against any ICAI members or member firm.”
Mr FitzPatrick concealed his massive loans from Anglo Irish Bank by temporarily transferring them to Irish Nationwide when Anglo’s financial year end was approaching.
Ernst & Young are auditors to Anglo Irish Bank and Irish Nationwide Building Society’s auditors are KPMG.
If the board special investigator determines there is a prima facia complaint, the disciplinary committee will appoint a disciplinary tribunal to hear the case in full and most likely in public.
Fines of up to €30,000 can be imposed on individual chartered accountants for misconduct and €30,000 on partner members in firms, while accountants can also have their membership revoked or be reprimanded depending on the seriousness of the offence.
