Role of bank auditors under spotlight
Non-audit services provided by firms to troubled banks will come under scrutiny by MPs
Fees generated by audit firms for other services are set to come under the
spotlight this week after the windfall they made out of non-audit work was
revealed.
The Royal Bank of Scotland, HBOS, Lloyds TSB and Barclays paid big-four firms
£650m in audit fees since 2000 – and nearly the same amount again in fees for
non-audit work, the Sunday Times reported.
Auditors from the top six UK firms will appear before a Treasury committee
this week to answer questions on the embattled banks. All four banks are
expected to sign up to the government’s toxic-asset-protection scheme.