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Taking Stock: The FRC’s HBOS non-announcement announcement

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YOU may not have noticed amid all the madness before and after the UK voted to stick two fingers up at the EU – much like the knight in Monty Python’s Holy Grail (wasn’t he French?, Ed) – but the FRC made an important announcement last week.

Released just before the sky turned dark, the oceans turned to blood and the Four Horsemen of the Apocalypse started to gallop across the UK skyline, the FRC decided to update the world on its enquiries into KPMG’s audit of failed bank HBOS.

Well it wasn’t much of an update in the opinion of TS. Coming under pressure from some hacks in the national press, the accounting watchdog announced it had made a decision, which will be revealed in due course.

However, it was, as yet, unable to say what that decision was. After waiting eight years for an announcement on HBOS, TS has learned patience and is willing to wait a bit longer for a ‘proper’ announcement.

The FRC so often says it best when it says nothing at all.

For the record, here is the statement.

“The FRC announced on 21 January 2016 preliminary enquiries under the Accountancy Scheme into KPMG Audit plc’s audit of HBOS plc. The FRC’s Conduct Committee met on Tuesday to consider the outcome of the preliminary enquiries and made a decision which following certain procedures will be announced as soon as possible.”

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