BIS promotes solid bank audits in wake of scandals

SWITZERLAND - Accounting scandals that have plagued the U.S. corporate scene have highlighted the need for banks to have rigorous internal audit functions, the Bank of International Settlements (BIS) said on Wednesday in a report.

The BIS highlighted the fact that its survey of 71 banks across 13 countries showed the industry is abiding by BIS principles of having an independent and competently staffed internal audit function.

Arnold Schilder, Chairman of the Basel Committee's accounting task f