The finance reports of banks will be under official scrutiny, it emerges today.
The Financial Reporting Review Panel said this morning that it would be ‘biased’ towards a close of examination of bank financial reporting, alongside other sectors expected to suffer in the downturn like retail, house builders and travel and leisure.
But the review of bank reporting puts them under extra pressure at a time when perhaps they would like everyone to ease off a little.
If the FRRP finds defective accounts it can issue a press release announcing what the corrections are.
Not a pleasant prospect because, whereas the FRRP’s work attracts little attention in most circumstances, a press release on the accounts of a bank that has recently undergone part nationalisation would make every national newspaper in the country and focus attention on the finance director and his staff. Interesting times still ahead.
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