Courts / Wicklow / Report
Auditors "not required" to view "every single piece of information", chartered accountant tells Sean FitzPatrick trial
Summary
In the trial of former Anglo Irish Bank chairman Sean FitzPatrick, a chartered accountant, Kieran Kelly of EY, explained that auditors are not required to examine every single document but must obtain sufficient information to form an opinion on the company's financial statements. He emphasized that auditors rely on persuasive evidence and explanations provided by the company, and that a key document, the letter of representation, confirms the accuracy of the accounts before auditors sign off. The court heard three such letters for 2002, 2003, and 2004, all signed by FitzPatrick, which stated that no undisclosed credit facilities existed for directors and that no events had occurred that would necessitate revisions to the figures. FitzPatrick, aged 68, denies all 27 charges, including 22 for misleading auditors and five for furnishing false information between 2002 and 2007. The trial continues before Judge John Aylmer.
Who, what, where, when and why
What: Report matter: Auditors "not required" to view "every single piece of information", chartered accountant tells Sean FitzPatrick trial. Charges or matters: 27 offences under the 1990 Companies Act. Procedural stage: trial
When:
- November 26 2002 Other
- September 30, 2002 Hearing Or Sentence
- 2002 to 2007 Other
- 2003 and 2004 Other
- 2017-02-13 Publication
Case subjects
Accused
Charges: 27 offences under the 1990 Companies Act (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
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