PMS auditors to be investigated

The Accountancy & Actuarial Discipline Board (AADB) is to investigate the auditors of the illegally operating Presbyterian Mutual Society (PMS) – whose assets may well be affected by what happens with Nama. According to the BBC report, the accountancy firm Moore Stephens “has welcomed the inquiry and said they consider the move ‘routine’.” From the AADB statement

The scope of the investigation is as follows: “The conduct of Members and a Member Firm in relation to the alleged failure by Presbyterian Mutual Society Limited to obtain the appropriate regulatory authorisation for the conduct of its business during the period from 2000 to 2008.”