FSA pans auditors and seeks more regulatory power

The UK Financial Services Authority outlined plans to bring auditors under closer supervision, arguing that they had failed to challenge dubious accounting practices in the run-up to the financial crisis, in a discussion paper published this week with the Financial Reporting Council, the UK accounting regulator.

As examples of recent accounting failures, the FSA said, "A credit institution incorrectly netted down derivatives in the balance sheet  leading to a misstatement of circa £900 billion

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