FSA briefs auditors on banks
City regulator talking to top six auditors over audit opinion concerns
City regulator talking to top six auditors over audit opinion concerns
The Financial Services Authority is holding talks with top auditors to try to
ensure banks are not destabilised by accountants making a qualified judgment in
annual accounts on their capacity to continue as a going concern, the Financial
Times reported.
The talks come amid fears that auditors could qualify the accounts of big
banks because of uncertainties about their funding and their dependence on
government money.
The City regulator has held two meetings with representatives from the top
six accounting firms to discuss such issues, including how it could help to
avoid any problems with the audit opinions, the FT said.
The meetings were first held in December, according to the newspaper.
Auditors told the FSA they needed extra information from the Bank of England
about its ‘discount window’ facility where banks can ease liquidity problems by
swapping assets for government bills.
On Monday the Bank announced it was extending the window from a one-month
limit to a full year.
Further reading
FRC
moves to avert a going concern ‘crisis’
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleJames Corr stripped of his ICAS licence for eight years but will not incur any financial sanction following a tribunal by the profession’s watchdog Re...
View articleTroubled sub-prime lender Cattles is to take PwC to court over its audit prior to the revelation of a huge accounting black hole Read More...
View articleHBOS ignored warnings from its auditor KPMG over the state of bad debts within the corporate division of subsidiary Bank of Scotland Read More...
View articleICAEW believes Financial Services Bill will give the regulator more disciplinary powers over auditors Read More...
View articlePwC racks up four embarrassing audit exposures with E&Y and KPMG hot on their heels Read More...
View articleFinancial Service Authority and Swiss Financial Market Supervisory Authority pick KPMG to investigate alleged unauthorised trading Read More...
View articleThe Financial Services Authority and the Financial Reporting Council to exchange information in an attempt to improve the oversight of bank audits Rea...
View articleInvestigations, aided by PwC, finds bad decisions did not amount to fraud Read More...
View article