There's no easy way to put it. The discussion paper published this morning by the Financial Services Authority and Financial Reporting Council will make for uncomfortable reading.
We know the regulators were spooked by the financial crisis and a firm repsonses was required, but the FSA has today proposed some sweeping new powers over auditors of listed institutions.
Chief among them are the ability to censure, fine or disqualify an auditor if they are viewed as having failed on the job.
The irony in this is that the paper is called 'Enhancing the auditor's role in prudential regulation'.
See full Article.
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