ICAI investigating director’s loans and other matters at Anglo Irish
The Chartered Accountants Regulatory Board issued a statement yesterday that they have appointed John Purcell, former Comptroller and Auditor General to investigate the actions of directors at Anglo Irish Bank.
Sean Fitzpatrick, David Drumm and William McAteer who all resigned in the fallout after the disclosure of unethical activities regarding directors’ loans and unusual lending practices at the bank are all members of the Institute of Chartered Accountants in Ireland.
The appointment of a Special Investigator follows from the determination of the Complaints Committee at its meeting in January 2009 that the issues under consideration constituted a matter of public concern as per Bye-Law 71 of the ICAI Bye-Laws.
The special investigator will also be examining the performance of Ernst & Young, auditors to Anglo Irish Bank, in relation to the loans given by the bank to Sean Fitzpatrick.
This is an extremely necessary action by the self-regulating Institute in order to protect its professional reputation and that of its members.
