HBOS investigation reveals possible ‘loose rivet’ in UK regulation

Accounting standards and auditing may be a weak point

Andrew Bailey, Bank of England

Accounting standards and the way accounts are audited in the UK may have been a factor in past bank failures, a problem that is yet to be fully resolved, according to MPs at a session of the Treasury Committee on December 15.

Two related strands appeared during discussions as part of the long-running investigation into the failure of UK bank HBOS: the failure of the International Financial Reporting Standards (IFRS) to account for expected loss provisioning and the regulatory regime for auditors

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