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Banks Are Failing To Report Loan-Loss Provisions

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THREE banks and three auditors have failed a set of tests set by the Financial Reporting Council (FRC), which reviewed their audits, it said today. The audit watchdog fears banks are failing to consistently measure and report loan-loss provisions. Four of the seven auditors reviewed have improved the quality of their work, making sure they have staff who understand banks and their IT systems more thoroughly. But the FRC is not disclosing which ones performed poorly – stopping the market and the firm’s shareholders knowing which ones are falling below standard. Meanwhile, the watchdog also found several banks were slipping below the standards expected of them. Two subsidiaries of foreign banks were found to need “significant improvements”, while another bank’s audit needed a lesser degree of im­provement.

http://www.cityam.com/1417485522/watchdog-shame-worst-bank-auditors

Financial Reporting Council said auditors needed to work harder. Next year will be another inspection to ensure appropriate actions have been taken.

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Financial Reporting Council said auditors needed to work harder. Next year will be another inspection to ensure appropriate actions have been taken.

I want to know how they know that the banks under-reported...they must have been audited twice, once by the paid auditors, then by the watchdog...

why not save us all a bit of cash and just have the watchdog do the auditing.

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