House of Lords report slams bank audits


In a report published on March 30, the House of Lords Economic Affairs Committee stated that "the complacency of bank auditors was a significant contributory factor [to the financial crisis]. Either they were culpably unaware of the mounting dangers, or, if they were aware of them, they equally culpably failed to alert the supervisory authority of their concerns."

The report went on to flag the rarity of meetings between bank auditors and regulators (the FSA), in the period leading up to the fin

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