Friday August 14, 2020

Irish ‘big four’ have no plans to separate audit and consultancy arms

UK regulator is imposing reforms on British accounting firms after a series of scandals but their branches here do not intend to follow suit

Daniel Murray

Business Reporter

9th July, 2020
The EY offices in Canary Wharf, London: The firm was at the centre of an auditing controversy in recent weeks as it emerged that its German office had not detected a €1.9 billion hole in the accounts of German firm Wirecard. EY has said it was the victim of a fraud and was deceived by Wirecard.

Reforms to separate out audit and consultancy services are not being considered by the “big four” accountancy firms in Ireland, the Business Post has learned.

The Financial Reporting Council (FRC), the UK’s audit regulator, has this week told accounting firms there that they have until 2024 to separate out their audit units from their consultancy business, but the Irish branches currently have no intention of following suit. The FRC has issued...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader



Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.



€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.




90 Day Pass

You can cancel any time.

2 Yearly



Unlimited Access for 2 Years

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Related Stories

A recent report found that women-led companies outperform the market, so apart from making ethical and social sense, investing in them makes financial sense too

Lilyana Pavlova | 3 days ago

Making provisions early helped the country’s lending institutions limit the worst damage from Covid-19, but the danger is far from over

Ian Guider | 5 days ago

Bank will retain joint ventures with the AA and the Post Office in Britain, while focusing on more niche lending areas

Ian Guider | 5 days ago