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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Sep 18, 2011 12:26 am 
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Is there any way they can find E&Y guilty (of any wrong-doing), without implicating the various head honchos at anglo ?


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Sep 18, 2011 7:45 am 
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mr_anderson wrote:
Is there any way they can find E&Y guilty (of any wrong-doing), without implicating the various head honchos at anglo ?



I imagine it would suit the corrupt cronies at the top and the Tent Set from the Galway Races to implicate the whole E&Y bunch and make them out to be a bunch of dunces. Lay the blame at the door of E&Y and have the Anglo crew partying on. Accountants work thru the info given to them by their client.

Maybe that system needs to be examined by the Financial Regulator? Are the clique we have running this country capable of self-regulation of any sort in such an instance?


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Sep 18, 2011 9:21 am 
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The question, I suppose, would be whether E&Y should have known that the accounts they were presented with were not an accurate portrayal of the company - whether they asked questions they should have asked. Another matter would be whether E&Y gave an 'easy' audit because they were in receipt of other business from Anglo - that an 'easy' audit was bought.

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Sep 18, 2011 9:52 am 
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yoganmahew wrote:
The question, I suppose, would be whether E&Y should have known that the accounts they were presented with were not an accurate portrayal of the company - whether they asked questions they should have asked. Another matter would be whether E&Y gave an 'easy' audit because they were in receipt of other business from Anglo - that an 'easy' audit was bought.

Indeed.

Accountants count beans, auditors smell rats.


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Sep 18, 2011 9:47 pm 
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yoganmahew wrote:
The question, I suppose, would be whether E&Y should have known that the accounts they were presented with were not an accurate portrayal of the company - whether they asked questions they should have asked. Another matter would be whether E&Y gave an 'easy' audit because they were in receipt of other business from Anglo - that an 'easy' audit was bought.



Good point but can we really think you could give an 'easy audit', politely ignoring 7 billion Euro loaned by Michael Fingleton a few days before the audit?! Their whole reputation as auditors is surely on the line at that point. I think Sean F really fooled a lot of people. Fooling an auditor is surely not rocket science in the Celtic Tiger era Ireland, Boom Boom as we all borrow and party and what have you. (Not speaking for me or you here, I imagine, but somebody partied a lot)

Anyone who questioned what was happening should go and kill themselves on the advice of the Taoiseach Bertie if I recollect correctly

XX


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Mon Sep 19, 2011 11:00 am 
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Scrambler wrote:
yoganmahew wrote:
The question, I suppose, would be whether E&Y should have known that the accounts they were presented with were not an accurate portrayal of the company - whether they asked questions they should have asked. Another matter would be whether E&Y gave an 'easy' audit because they were in receipt of other business from Anglo - that an 'easy' audit was bought.



Good point but can we really think you could give an 'easy audit', politely ignoring 7 billion Euro loaned by Michael Fingleton a few days before the audit?! Their whole reputation as auditors is surely on the line at that point. I think Sean F really fooled a lot of people. Fooling an auditor is surely not rocket science in the Celtic Tiger era Ireland, Boom Boom as we all borrow and party and what have you. (Not speaking for me or you here, I imagine, but somebody partied a lot)

Anyone who questioned what was happening should go and kill themselves on the advice of the Taoiseach Bertie if I recollect correctly

XX


Bertie who? Is that the guy with the bogus qualification from the LSE and who did a bit of car park monitoring or some such role?

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Wed Sep 28, 2011 9:34 pm 
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Don't forget the loan warehousing... a I'm a gobshite labrador would have spotted that, unless of course they had been nicely asked to look the other way.

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Feb 12, 2012 10:40 am 
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Shane Ross: Stench as rubbish firm wins -> http://www.independent.ie/opinion/colum ... 17015.html

Quote:
So the council's award of a contract to Ernst & Young, and then to Greyhound, demands public explanation. The big question is: how much did Ernst & Young or Dublin City Council know about Greyhound?

Not much. Or so it seems.

Last year, after I became aware of the earlier award of South Dublin Co Council's gig to Greyhound, I wrote to the council protesting that they were unfit to handle the contract. I had a good reason. Greyhound had already won the lotto -- for the first time -- a few years ago. They had already milked a semi-state body of lashings of taxpayers' loot. It emerged in an Oireachtas Transport Committee enquiry that Greyhound's behaviour over an earlier contract with CIE's Iarnrod Eireann was disgraceful.

Greyhound had overcharged Iarnrod Eireann. Under questioning, Iarnrod Eireann boss Dick Fearn admitted that: "Basically the money charged [by Greyhound] did not tally with the actual work done." Ouch.

there is more


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Mon Jun 04, 2012 10:58 pm 
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You've got to admire the barefaced cheek:

Quote:
'Zombie' companies holding back UK economy, says Ernst & Young

Britain's recovery is being held back by a wave of "zombie" companies that should be allowed to fail but are instead undermining capitalism, according to Ernst & Young.


http://www.telegraph.co.uk/finance/economics/9310805/Zombie-companies-holding-back-UK-economy-says-Ernst-and-Young.html#disqus_thread


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Wed Sep 19, 2012 6:55 pm 
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Anglo “unable to identify” persons responsible for audit of its accounts in 2008 -> http://namawinelake.wordpress.com/2012/ ... s-in-2008/

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Of course the identity of those responsible for the audits is secondary to the issues that many believe the audits should have uncovered. And when asked what steps had been taken by Minister Noonan to seek redress for apparent failings in the audits, the Minister’s response does not fill you with confidence that there is any serious will, either on the part of the Minister who is the sole shareholder in Anglo (now renamed IBRC after the merger with INBS) and who controls over 99% of Permanent TSB, or on the part of the Department of Finance which supports the Minister. The matter is pawned off on the Chartered Accountants Regulatory Body which is akin to, say, the Irish Farmers Association investigating allegations of milk price-fixing by farmers. It is the State that owns these banks, it is the State that has potentially suffered financial loss and yet it is a trade body (or professional body) which is looked to, to deliver justice to the State. The prosecution of three former Anglo staff is also cited as an excuse for the delay, frankly the opposite could be the case – the prosecution of Messrs Fitzpatrick, McAteer and Whelan could prejudice a financial claim on the auditors.

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Wed Sep 19, 2012 8:05 pm 
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Anglo “unable to identify” persons responsible for audit of its accounts in 2008

namawinelake wrote:
It seems that Minister for Finance Michael Noonan has no real interest in pursuing auditors, if only to establish if there is culpability which might give rise to a claim for compensation. Yesterday in the Dail the Sinn Fein finance spokesperson Pearse Doherty asked Minister Noonan to identify those responsible for the audits in Anglo and Irish Life and Permanent – remember these were the two banks where €7.4bn of deposits were transferred at year end so as to enhance the apparent financial strength of Anglo. It was KPMG which audited Irish Life in 2008 and the Minister identified the partner responsible for the audit as Alan Boyne. However in the case of Ernst and Young which audited Anglo, the response was that Anglo was “not in a position to positively identify all the principal persons at that company who were responsible for the conduct of the audit” !



Worlds fail me.

I used to work in Life Sciences - we did internal audits and had external auditors come in and audit us.
If anyone ever gave an answer that hinted at anything remotely close to the above, we would all be fired and the place would be closed down. If it occurred in the states, the FDA would show up with guns to close the place down.

But this being Ireland, it will get a laugh from some.

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Wed Sep 19, 2012 9:43 pm 
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Magpie wrote:
Anglo “unable to identify” persons responsible for audit of its accounts in 2008

namawinelake wrote:
It seems that Minister for Finance Michael Noonan has no real interest in pursuing auditors, if only to establish if there is culpability which might give rise to a claim for compensation. Yesterday in the Dail the Sinn Fein finance spokesperson Pearse Doherty asked Minister Noonan to identify those responsible for the audits in Anglo and Irish Life and Permanent – remember these were the two banks where €7.4bn of deposits were transferred at year end so as to enhance the apparent financial strength of Anglo. It was KPMG which audited Irish Life in 2008 and the Minister identified the partner responsible for the audit as Alan Boyne. However in the case of Ernst and Young which audited Anglo, the response was that Anglo was “not in a position to positively identify all the principal persons at that company who were responsible for the conduct of the audit” !



I used to work in Life Sciences - we did internal audits and had external auditors come in and audit us.
If anyone ever gave an answer that hinted at anything remotely close to the above, we would all be fired and the place would be closed down. If it occurred in the states, the FDA would show up with guns to close the place down.

But this being Ireland, it will get a laugh from some.




It's very fishy indeed. What EY people did Anglo correspond with by email during the audit?

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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Sun Dec 02, 2012 10:05 am 
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Anglo auditor went on to win state contracts -Roisin Burke -> http://www.independent.ie/business/iris ... 12086.html

Quote:
Even after Anglo Irish Bank collapsed into state ownership, its auditors during boom years continued to win lucrative government and Central Bank contracts.
Ernst and Young earned €9.1m as Anglo auditor in the decade up to its nationalisation in January 2009.
The Central Bank paid Ernst & Young €240,000 for consultancy work on bank stabilisation measures in 2010. The Central Bank and the Financial Regulator also commissioned Ernst & Young for financial consultancy services on the Banking Guarantee Scheme that year.
The Department of Finance paid €194,000 to Ernst & Young for a corporate tax study in 2010.
In 2009 the Department of the Environment paid Ernst & Young €219,702 for capital project review work and the department of Social Protection paid €234,342 between 2009 and 2012 for "information security support".
Ernst & Young also had contracts with the Public Expenditure Department in 2011 to provide "financial advice" and with Foreign Affairs in 2010.
Dublin City Council paid the auditor over €250,000 for consultancy on waste services.
The HSE used Ernst & Young to assess its SKILL programme in 2011.
It has carried out work for Nama and the NTMA and was hired by Anglo's rebranded entity IBRC as auditor of Quinn Group.

there is more


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Tue Feb 25, 2014 11:00 pm 
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Newsnight on BBC reports Ernst and Young turning yet another blind eye to shady dealings...

http://www.bbc.co.uk/news/business-26341072


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 Post subject: Re: You Can't Do This, we're Ernst and Young
PostPosted: Wed Feb 26, 2014 11:14 pm 
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Unless things have changed radically from my day, multi-national accountancy firms are essentially a collection of separate firms, there is no relationship (or ethos) between them other than that they all make financial contributions towards the global brand and certain other expenditures. Sure they try and maintain consistent behaviour in terms of audit practices between countries and they'll hold conferences to that effect, but really, these are separate practices and they often compete with each other.

What I don't understand is how these firms keep on getting awarded contracts to investigate their own and each others wrongdoings, it's absolutely ludicrous, but not surprising for Ireland.


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