Dave Spart Posted July 28, 2010 Share Posted July 28, 2010 (edited) Strong criticism of the big four auditing companies from the FSA. But then again weren't the FSA meant to be regulating the auditors? Auditors under fire for role in bank crisis "The FSA stressed these failings could give rise to enforcement action." Will anyone at the FSA face enforcement action? The whole system failed, from banks to regulators via auditors. This is one to keep an eye I think though somehow I doubt any serious action come as a result. Remember Fred Goodwin? Edited July 28, 2010 by Dave Spart Quote Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted July 28, 2010 Share Posted July 28, 2010 Strong criticism of the big four auditing companies from the FSA. But then again weren't the FSA meant to be regulating the auditors? Auditors under fire for role in bank crisis "The FSA stressed these failings could give rise to enforcement action." Will anyone at the FSA face enforcement action? The whole system failed, from banks to regulators via auditors. This is one to keep an eye I think though somehow I doubt any serious action come as a result. Remember Fred Goodwin? mark to market or mark to model and who do the auditors answer to the management or the shareholders Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted July 28, 2010 Share Posted July 28, 2010 How the FSA has the nerve to criticise anyone else for their part in the financial crisis beggars belief. Last week they were saying that since 2007 about 45% of mortgages STILL have no proof of income! Quote Link to comment Share on other sites More sharing options...
South Lorne Posted July 28, 2010 Share Posted July 28, 2010 (edited) ...like the FSA guilty auditors should be closed down....what is this ..?....why are we still in Brown's 'la la land'... The FSA also suggested that auditors could face greater regulatory supervision if they failed to blow the whistle on irregularities in their clients’ accounts. Edited July 28, 2010 by South Lorne Quote Link to comment Share on other sites More sharing options...
BreakingWaves Posted July 28, 2010 Share Posted July 28, 2010 What is the role of auditors? Jones's misconduct started in mid January 2007 when he agreed, along with David Baker (former NR Deputy CEO), to allow false mortgage arrears figures to appear in explanatory text published with the 2006 annual accounts. Reporting correct figures would have either increased arrears by over 50% or possessions figures by approximately 300%. http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/126.shtml Quote Link to comment Share on other sites More sharing options...
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