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MP wants to reopen KPMG investigation

KPMG has received renewed criticism of the part it played in accounts being signed off for failed lending firm HBOS before the bank collapsed in 2008. This is in spite of KPMG being cleared of its auditor role by the industry’s regulator.

Andrew Tyrie, Treasury Select committee chairman and the last Parliamentary Commission on Banking Standards (PCBS), has stated that he wants the FRC (Financial Reporting Council) to give further thought to its initial decision not to look into KPMG as auditors for HBOS. This came after a delayed report was published which detailed the bank’s failure and blamed HBOS’ board and management for its demise.

The FRC reviewed KPMG’s role as HBOS auditor with regards to work that was carried out on provisions for loan loss in the lender’s corporate department. However, the regulator came to the decision that there were insufficient grounds for any suspicion of misconduct.

The FRC reiterated its earlier conclusion after the Bank of England published its recent report.

The watchdog has promised, however, to conduct a review of the report in full in a bid to uncover new information.

Accounts are often the subjects of reviews and controversies, at all levels of organisation. This is why it is so important for businesses to enlist the help of someone with experience in the area. There are numerous accountants in the Wirral with the necessary experience to keep a business on track and ensure that they stay out of trouble.

Posted by Peter
December 11, 2015
FRC

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