Accountancy firm Ernst & Young said it was disappointed by a decision by the High Court to allow an investigation into its conduct as Anglo Irish Bank’s auditors to continue.
The investigation, which is being conducted by former comptroller and auditor general John Purcell on behalf of the Chartered Accountants Regulatory Board, began in 2009.
Ms Justice Mary Irvine ruled today the firm was out of time and had shown no arguable grounds entitling it to bring proceedings to "effectively torpedo and thus fatally terminate" the two year investigation.
Among various claims in its application for leave for judicial review, Ernst & Young alleged the investigation to date is unfair because reports leading to Mr Purcell's appointment did not contain valid "complaints" as they failed to set out specific allegations
In a statement, Ernst & Young said it had “genuine concern over the process being followed” by the Chartered Accountants Regulatory Board. The firm said it believed it was right to seek leave for a judicial review.
“We have no issue with active, constructive and comprehensive participation in any investigation of our work as statutory auditors to Anglo Irish Bank,” it said.
“As was acknowledged by the Court we have cooperated fully with CARB’s investigation to date and support its desire to maintain high standards within the accountancy profession.
“We will now take time to review the terms of this judgment and as such it would be inappropriate to make any further comment at this time.”
