The chairman of the National Asset Management Agency has called on the auditing profession to carry out a "fundamental review of its role" in the aftermath of the banking crisis in Ireland.

Frank Daly was speaking today at a meeting of the Corporate Governance Association of Ireland (CGAI).

Mr Daly said that the profession should re-interpret its role to include a forward-looking focus on business sustainability, long-term business strategies, ethical behaviour and underlying business risks.

He said he agreed with recently expressed views that the profession focused too much on historic accounts, forcing it to look backwards not forwards.

Mr Daly also warned that there was an "expectations gap" between the current statutory role of audit and the public expectation of the level of assurance that audit should offer.

The NAMA chairman also defended the accountability of the agency, but also warned that its commercial mandate was in direct conflict with full transparency.