One from the past for Mr Nerd
dalesiders - 30 May 2014 - 12:36:13 - 241 of 36993
THE FRC has launched an investigation into KPMG's auditing of the Co-op Bank, the troubled lender which last year discovered a ÃÂ£1.5bn black hole in its accounts.
The UK's reporting watchdog is investigating the preparation, approval and audit of the Co-op Bank's financial statements up to and including the year ended 31 December 2012.
As the bank's auditor, KPMG has faced criticism for failing to discover problems within the bank that led to a ÃÂ£1.5bn capital shortfall being revealed in June, as well as signing off its calamitous takeover of Britannia Building Society in 2009.
Earlier this month, the Bank of England's regulation arm, the Prudential Regulatory Authority, and the City watchdog, the Financial Conduct Authority, launched enforcement investigations into the Co-op Bank.