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KPMG must be referred to the Director of Public Prosecution – Cullinane

2 August, 2016 - by David Cullinane TD

Sinn Féin TD David Cullinane has welcomed the move by the Chartered Accountants Regulatory Board (CARB) to refer Ernst and Young to the DPP for their role as auditor of Anglo Irish. This follows the comments by Judge Nolan in the Anglo trial that it “beggars belief” that the these accounts were signed off on by the accountancy firm.  

Deputy Cullinane has called on CARB to do the same for KPMG, whose role in Irish Nationwide has similarly been questioned. He also questioned how the DPP will deal with the issue of the Statute of Limitations in this case.

Deputy Cullinane said:

“I welcome the move by CARB to refer Ernst and Young to the DPP for their failure as Anglo’s auditor during the most reckless period of that bank. In 2014, my colleague Pearse Doherty wrote to CARB seeking an investigation into the role of KPMG at Irish Nationwide during this period. They replied at the time, saying they were holding off pending the end of the Banking Inquiry and ongoing criminal trials.

“Crucially CARB said in response that the Special Liquidators; “are fully aware of the urgency of the matters due to the Statute of Limitations issue”.  Leaving aside the nonsense that this implies that it up to KPMG whether to investigate KPMG, the fact that the Statute of Limitations has been recognised means we must now hear how the DPP will deal with it in the case of Ernst and Young.

“The report last September, clearing both KPMG and Ernst and Young for their role is now redundant, overtaken by the Judge Nolan’s comments. The KPMG issue raises a web of conflicts of interest. KPMG, the Special Liquidators at IBRC decide on KPMG the auditors, and McCann Fitzgerald who are legal advisors to Irish Nationwide during the period in question, offer legal advice to IBRC which is partly made up of Irish Nationwide on the issue.

CARB need to refer KPMG to the DPP as the only transparent way of cutting through the web of interests. They also need to explain how the Statute of Limitations will impact on this case. If the Statute of Limitations represents an obstacle, Sinn Fein are prepared to legislate to remove that obstacle.”

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