The audit firm that has completed two controversial reports into the RTÉ payments scandal has secured a prestigious new €3m contract with the Central Bank.
This follows the Central Bank confirming that it has appointed Grant Thornton as external auditors as part of a contract potentially worth up to €3.07m (ex VAT) for the audit firm.
The new contract between the Central Bank and Grant Thornton is from 2023 to 2027 with an option for an additional two years.
Grant Thornton has rarely been out of the headlines over the Summer arising from the publicity into the two reports the firm authored into the RTE payments scandal.
Broadcaster, Ryan Tubridy's response to the second Grant Thornton report resulted in RTE breaking off negotiations around the former Late Late Show presenter’s planned return to the station.
A spokesman for the Central Bank said on Thursday that the Central Bank entered into a negotiated procedure to award the external auditor contract after the Central Bank received no bids to its tender for the work in 2022.
The spokesman said: "Following an evaluation process, Grant Thornton was awarded the contract."
He said: "The contract is for an initial five-year term - financial year audits, 2023 to 2027-with the option to extend to complete the audits of financial years 2028 and 2029."
He said that the total value of the contract, including optional two years, is €3.07m (ex VAT).
He explained that the Central Bank is required to have an external audit carried out by an independent auditor or firm recommended by the Governing Council of the ECB and approved by the EU Council.
The spokesman said: "We seek value for money in the procuring of all services, while ensuring that risks are managed. The awarding of this contract ensures the Central Bank continues to meet its obligations."
The spokesman for the Central Bank said that the previous external auditor of the Central Bank was Mazars.
Purchase Order figures published by the Central Bank show that Mazars received payments totalling €480,097 in 2022 (incl VAT) for all its work for the Central Bank during last year.
In 2016, the Central Bank appointed Mazars as its external auditors for the financial years 2016 to 2020 and in 2021, the mandate of Mazars as external auditors for the Central Bank of Ireland was extended for the financial years 2021 and 2022.
Other audit and consultancy firms fared even better with a variety of work carried out for the Central Bank in 2022. The Purchase Order figures show that KPMG received €1.1m (incl VAT), while Ernst & Young received €548,329 (incl VAT).
Reporting by Gordon Deegan
