Outlook: Rotations won't necessarily solve the auditing problem
Outlook The Co-operative Bank never got anywhere close to the size of RBS, and it hasn't (so far) called upon the taxpayer for funds. It's worth remembering the latter point. All the same, the two rival each other when it comes to the sheer ineptitude that their difficulties have put on display.
Partners at KPMG arrived before the Treasury Select Committee yesterday, ostensibly as part of a members' investigation into the Co-op's failed attempt to take over Verde from Lloyds Banking Group. In reality it's an investigation into the near failure of the Co-op Bank.
KPMG did most of the due diligence work on the bank's takeover of Britannia Building Society. But crucially it didn't run the slide rule over Britannia's corporate loan book, the main cause of the £1.5bn hole in the bank's books. Which rather gets the firm off the hook for the Co-op's subsequent problems. KPMG said management seemed competent and asked the right questions. Of course they did.
KPMG had done the Co-op's auditing for 30 years. What I can't decide is whether all this is a good argument for mandatory rotation of auditors or whether it just raises further questions about the function of audits and auditors.
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Chicago river turns green to mark Saint Patrick's Day
Saint Patrick's Day: As Google Doodle celebrates the patron saint of Ireland, here are 10 things you didn't know about the man himself
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukip and Nigel Farage on course for remarkable victory in European elections
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Tony Benn was entirely ineffectual - and usually wrong
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
- 4 Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...