For instance, it has been identified that firms that have performed relatively better during the turmoil had established, prior to recent events, rigorous internal processes for the valuation of complex or potentially illiquid securities. In contrast, those firms that performed relatively worse had weaker internal processes.
In the period ahead, auditors are being asked to work with financial institutions to improve their valuation methodologies and to clarify the uncertainties associated with these. This would contribute greatly to market confidence. Conclusion In conclusion, the Irish economy and its banking sector continue to demonstrate their strength against the background of a challenging international environment.