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

@danieltmurray
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...

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