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Anglo Irish Bank sues Ernst & Young

The bank has filed a legal claim against its former auditor for its work leading up to the bank's nationalisation in 2009

29 Nov 2012 Accountancy Age

By Rachael Singh

ernst-young

ANGLO IRISH BANK has filed a legal claim against its former auditor Ernst & Young Ireland.

The action is against the Big Four firm is for its role as auditor leading up to the bank's nationalisation in 2009, The Financial Times reports.

A statement from Anglo Irish Bank, now IBRC, said: "IBRC can confirm that it issued proceedings ... 27 November 2012 against Ernst & Young, chartered accountants.

"These proceedings relate to the role of Ernst & Young as auditors of Anglo Irish Bank Plc pre-nationalisation."

A statement from Ernst & Young Ireland said: "Although Ernst & Young is aware of proceedings issued by IBRC, we have not formerly been served with nor have we received a statement of claim setting out the details of the IBRC claim.

"Without more detail, it is difficult for us to comment further. We have consistently said we stand by the quality of our work performed in the Anglo audit and will vigorously defend any such proceedings."

In September last year, it was reported that Ernst & Young Ireland would be hauled before a disciplinary panel by the Irish watchdog, the Chartered Accountants Regulatory Board (CARB).

However, a CARB spokesman said that due to a Director of Public Prosecution request, the disciplinary tribunal had been held last year.

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