Michael Gibson, who managed the Hibernian Catholic Benefit Society until 2001, thinks the society’s auditors are liable if alleged illegal activity had been going on over a long period. Should this be the case the auditors need to cover the losses met by the members, he said.
Grant Thornton Auditors’ chief executive Wayne Jackson refused to comment on the Hibernian matter. “We don’t talk about client affairs.”
Last month the Serious Fraud Office (SFO) launched an investigation into allegations of employee fraud at the Hibernian Catholic Benefit Society. The suspected fraud affected both the society and the related Hibernian Credit Union, which is said by its chairman to be in a “precarious” position.
Founded in 1869, the society manages $9.6m of assets on behalf of about 2700 members, providing services including insurance, mortgages and funeral benefits to members and their spouses under the philosophy of “Catholics helping Catholics.”
Source
