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‘Pretty mushy’: Independence of bank auditors questioned

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Labor Senator Deb O’Neill says there is an issue of auditor independence after National Australia Bank fronted a parliamentary inquiry.

Ernst & Young (EY) consultants were questioned at the inquiry after conducting audits for NAB.

Senator O’Neill led the line of questioning and tells Ross Greenwood all four main auditors are working for NAB in a certain capacity.

“It became very apparent that Ernst & Young had very different views about what independence looks like.

“We’ve got a lack of independence and transparency about who can do what work for whom.

“It was pretty mushy in there. There was no clarity about who was really able to be independent.”

Click PLAY below to hear the full interview


Image: Getty/Peter Parks