Watchdog considers probe of Deloitte’s RBS audit
FSA passes on its report ito RBS' near collapse onto the AADB
ACCOUNTANCY’S WATCHDOG is considering an investigation into Deloitte’s audit work at RBS.
The Actuarial and Accounting Discipline Board (AADB) has been passed a file into the problems at RBS by the FSA, reports Reuters.
The report looked into the way RBS valued some of its assets, including Collateralised Debt Obligations (CDOs), whose value plummeted during the banking crisis and credit crunch.
No adjustment was made to the value of exposure RBS faced from CDOs at the end of 2007.
Deloitte said that the handover of findings to the AADB was procedural and did not indicate there was a complaint or problem.
The AADB said it would consider whether any action if any, needed to be taken in relation to Deloitte’s role as RBS’ auditor.