Courts / Wicklow / Report

Auditor did not remind Anglo board over prosecution risk, trial hears

Summary

During the trial of former Anglo Irish Bank chairman Sean FitzPatrick, it was revealed that auditor Kieran Kelly, a partner at EY, did not remind the Anglo board of the criminal risk of providing misleading information to auditors. Kelly admitted that guidelines allow auditors to warn directors about the offence, but he believed the board, being experienced, did not need such a reminder and that the warning was already included in other documentation. He also noted that the board had submitted letters of representation between 2002 and 2007 detailing loan amounts to directors. Kelly acknowledged that the 2002 letter contained a contradictory declaration and was poorly worded, yet he felt it provided sufficient information. Sean FitzPatrick pleaded not guilty.

Who, what, where, when and why

What: Report matter: Auditor did not remind Anglo board over prosecution risk, trial hears. Charges or matters: 27 offences under the 1990 Companies Act. Procedural stage: sentence

When:

• 2002 to 2007 Other
• 2002 and 2007 Other
• 2017-02-17 Publication

Why: He said he believed he didn't need to because they were "experienced directors" and because the warning was contained in other documentation provided to them. CNI source report

Case subjects

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Read the original CNI report