It is understood that the four senior partners at KPMG's Belfast office who were arrested on Wednesday are being questioned about their involvement in an investment company which was set up to finance property developments across the island of Ireland.
Jon D'Arcy, the chairman of the Belfast office, Eamonn Donaghy who is in charge of tax practice - Paul Hollway, head of corporate finance at KPMG in Ireland - and Arthur O'Brien, who provides audit and advisory services have been detained by the authorities in Northern Ireland.
They set up their own investment company called JEAP in 2005 - it registered losses of £2.8m between 2008 and 2010.
Newstalk understands that they were arrested at the Belfast office and that armed officials were present - and authorities also called to the men's homes.
KPMG said that it has not received "any indication that this investigation relates to the business of KPMG or the business of our clients" - the accounting firm is believed to be co-operating with the investigation. The partners have been put on "administrative leave."
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The European Commission has raised concerns about Ireland's housing market and the level of public and private debt in Ireland.
Ireland was one of 18 countries who were highlighted as having macro-economic imbalances.
“Recent pressures largely reflect supply constraints especially in large urban areas,” the report said commenting on the Irish property market.
While private sector debt as a percentage of GDP has fallen, the Commission said that "the ratio remains elevated."
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European shares have hit three-month highs as markets wait for next week's European Central Bank meeting when it will decide if it will expand its quantitative easing programme.
The FTSEurofirst 300 index rose by 0.9 per cent to 1,515.25 points.
Meanwhile the euro has continued to slide against the dollar - some analysts expect the two currencies to hit parity before the end of 2015.
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Former General Secretary of the IFA Pat Smith wants half of his €2m severance package to go to charity.
However, the Association says Mr Smith demanded the money and is trying to cover it up.
The IFA says Smith did not stand down last week and was in effect, fired, amid controversy over his pay.
The association's President Eddie Downey has also resigned over the issue.
Pat O'Toole of the Irish Farmers Journal says IFA members would rather the €1m was spent on them, saying, "The average sheep farmer income last year was less than €12,000, for anyone with a family that is on the poverty line."
