Accountancy firm Ernst & Young has taken High Court proceedings aimed at halting an investigation into its conduct as auditor of Anglo Irish Bank.
Lawyers for the firm told the High Court this morning they wanted to stop the process involving the special investigator John Purcell, who was appointed by the Chartered Accountants Regulatory Board.
The court was told that the firm had been co-operating with the investigation, but as recently as the end of last month discovered that no actual complaint had been made against it as is required under by-laws governing the process.
Counsel for Ernst & Young Paul Sreenan said that when it sought clarification on the exact nature of the complaint of misconduct being investigated, E&Y discovered that no clear issue had been identified. Instead, the investigator's initial findings merely referred to media reports, he said.
In order to respond to the investigator's initial findings, the company must be allowed to know what rule or regulation it was supposed to have broken, Mr Sreenan said.
Ernst & Young is seeking a court order to quash the decision of the Institute of Chartered Accountants to appoint the special investigator.
Alternatively, it wants the court to make a number of orders which would allow it access to the findings of the special investigator and the right to make submissions before the findings are finalised.
