Minister Kelleher calls for views on role of auditors after global financial crisis

11 November 2010

The Minister for Trade and Commerce, Billy Kelleher TD, today [Thursday] has called for views on the role of auditors in stable financial markets following the publication of a European Union discussion paper on the issue.

His call comes in the context of the role of other financial actors such as banks, hedge funds and credit rating agencies in the global financial crisis which has been well documented.

Minister Kelleher said a real debate at European level on the role of auditors is now timely.

The European Commission on Internal Market and Services, Michel Barnier, who was in Dublin last week, has published a Green Paper on the role of auditors.

‘The European Commission has opened a debate on the role and function of the auditor in the European Union’s operating environment and, in particular, in the broader context of financial stability in the eurozone.

‘That is not to say that there is an underlying assumption that audit failure was to blame for the financial crisis.

‘But the debate is an opportunity to take stock of the function of auditors and to gauge whether their business practices are adequate in the aftermath of the global financial crisis.

‘The European Commission will evaluate the findings of the consultation period and come forward with proposals,’ said Minister Kelleher.

He urged the Irish public to respond directly to the European Commission in relation to the issues raised in the Green Paper.

‘In that way, the views of interested parties here can be factored into initiatives the European Commission may propose in the area,’ said Minister Kelleher.

The Department will take part in negotiations in Brussels on proposals made by the European Commission arising from the Green Paper and on their subsequent implementation here.

The Department is writing to relevant organisations urging them to make submissions to the European Commission.

Minister Kelleher invited individuals or firms responding to the Green Paper to copy his Department with their remarks.

The email address for responses to the Green Paper is markt-greenpaper-audit@ec.europa.eu

ENDS

Bernard Mallee, Press Adviser to Minister Batt O'Keeffe, Department of Enterprise, Trade and Innovation, on Tel: +353 1 631 3944, Mobile: +353 87 9173022, Email: bernard.mallee@deti.ie