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Accounting: Poor quality of bank auditing

01 September 2014

Accounting: Poor quality of bank auditing - read more

FRC concerned with the poor quality of auditing in banks and building societies

It 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’.

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