01 September 2014
FRC concerned with the poor quality of auditing in banks and building societiesIt is nearly seven years since the start of the UK’s banking crisis. So it might be thought that many of the accounting and auditing failings identified in the resulting financial upheaval would have been rectified by now. Sadly, a recent Financial Reporting Council (FRC) report has sounded the alarm bells about the quality of auditing still being found in UK banks and building societies. The FRC was concerned about the standard of statutory auditing at these financial institutions – finding that not one banking or building society audit was classified as being ‘good’.