TMCNet:  KPMG probed over Co-op bank audits [Western Morning News (England)]

[January 21, 2014]

KPMG probed over Co-op bank audits [Western Morning News (England)]

(Western Morning News (England) Via Acquire Media NewsEdge) Accountancy firm KPMG is facing a regulatory investigation into how it audited the books of troubled lender Cooperative Bank in the years leading up to its near-collapse.

The Financial Reporting Council has launched an investigation in the wake of a Pounds 1.5 billion hole in the lender's finances that was discovered last year.

It will cover the way accounts were both prepared by the bank and reviewed by auditors, and is likely to extend back to 2009, the year it took over the Britannia Building Society. The FRC investigation is likely to take around a year to conclude whether to bring disciplinary tribunal action. KPMG said: "As auditor to the bank, we believe that we have provided, and continue to provide, robust audits which provide rigorous challenge to the judgments and disclosures proposed by the bank's management." (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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