Auditing changes will help Ireland, not damage investment

I write to strongly refute the claims made in your article “Auditing changes could damage foreign investment into Ireland.” (Sep 26).

Far from being damaging for Ireland, proposals for auditor rotation and restrictions on the provision of non-audit services will serve to improve corporate governance practices here, not only in terms of perception of investors and other stakeholders, but also in real terms.

The proposed improvements would also reassure foreign investors of the probity of the Irish system. Indeed, the refusal to act on lessons from the financial crisis, which prompted these proposed reforms, would make Ireland unattractive as a potential recipient of inward investment by comparison to those countries that are determined to make changes for the better.

It is interesting that the quotes were given anonymously by a “senior partner at one of the big four accountancy firms”.

Those interested in preserving the status quo will naturally contend that the proposals will have the opposite of the intended effect.

It could be argued that the opinions quoted in the article might owe more to the protection of current commercial interests, rather than being in the public interest.

Aidan Connaughton

Head of Assurance

Grant Thornton

Dublin 2