Irish accountancy watchdogs raises concerns over Deloitte and EY audits

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EY has taken on $700m (£554.27m) in additional debts in its global operating business, which were largely spent on its failed attempt to split the business.
The plan, known as Project Everest, involved breaking up EY's audit and consulting divisions and would have constituted the biggest-shake up in the accountancy sector in over twenty years.

Ireland’s audit watchdog has said flagged issues with audits carried out by Big Four accountancy firms Deloitte and EY, after carrying out its annual review of auditors.

The Irish Auditing & Accountancy Supervisory Authority (IAASA) said audits completed by Deloitte and EY required improvements, after sampling six sample audits carried out by the firms.

By contrast, the Irish regulator gave KPMG and PwC top grades, after reviewing six of each of the Big Four firm’s audits, according to The Times.

Meanwhile, the IAASA gave Belgian auditor BDO one red warning and four amber warnings, in a sign of serious deficiencies with the firm’s audits.

The IAASA also gave British auditor Grant Thornton, the world’s seventh biggest accountancy firm by revenue, three amber warnings.