Former C&AG to probe Anglo deals

SEAN FitzPatrick’s Anglo Irish Bank loans are to be investigated by the man who was previously responsible for highlighting the abuse of taxpayer’s money.

Former comptroller and auditor general (C&AG), John Purcell has been employed by the complaints committee of the Chartered Accountants Regulatory Board (CARB) to investigate the loans.

This body was set up by the Institute of Chartered Accountants (ICAI) to regulate its members and Mr FitzPatrick is a member of the institute.

He faces loosing his membership of the body and the withdrawal of any practicing certificates held by him.

He could also be severely reprimanded and faces a fine of up to €30,000.

Mr Purcell has been given the specific job of investigating possible breaches of ICAI bye-laws and rules of professional conduct by its members and member firms.

He will also look at the performance of the bank’s auditors, Ernst & Young, a member firm of the institute.

Mr Purcell retired as comptroller and auditor general in May last year after more than 13 years in office.

During his time as watchdog of the public finances, Mr Purcell compiled many forensically prepared reports detailing use and abuse of taxpayer’s money.

Some of his reports included an examination of the process which led to the deal between Church and the Government on compensation for victims of sexual abuse and a report into the PPARS computer payroll system for the health sector.

His report into the operation of bogus non-resident accounts and DIRT formed a vital backdrop for the subsequent inquiry.

The complaints committee is considering separately the involvement of ICAI members in issues raised concerning certain transactions between Anglo and companies in the Irish Life and Permanent group.