Bingley set aside a worse-than-expected £226m to cover its losses last week,
but the City is in the dark as to whether other banks audited by KPMG will face
a similar requirement.
‘We don’t know whether banks will account in the same way. This may be just
the interpretation KPMG has put on dealing with the issue,’ said Alex Potter, an
analyst at Collins Stewart.
‘If that is the case, then only HBOS and HSBC would be affected. They are the
other KPMG clients,’ he said.
Last week, B&B claimed its auditors had taken a tough stance. Sources
close to KPMG said the value of sub-prime instruments had dropped, causing a P
‘At the bottom end, considerable judgement has to be exercised because you
are testing “best estimate models”,’ said PricewaterhouseCoopers’ banking
partner, John Hitchins.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned