Central Bank demands better auditing standards

Senior Central Bank executives have held private meetings with some of the top accountancy firms in the State to demand an improvement in auditing standards of financial institutions, the Irish Examiner has learned.

It is understood these discussions have taken place over the past few months. The Central Bank declined to comment.

Auditing firms have come into the firing line in the wake of the financial sector meltdown. Before it was put into liquidation last February, the Irish Bank Resolution Corporation initiated legal proceedings against EY (formerly Ernst & Young) over its auditing of Anglo Irish Bank before it was nationalised.