Commons Treasury select committee member expresses concern that banks' financial instruments are too complex even for auditors to understand
Are the labyrinthine structures of high street banks, and their exotic financial instruments, becoming too complicated for even the auditors to understand?
This was one of the questions posed by the influential Commons Treasury select committee which met last month.
The committee met to rake over the ashes of the banking crises – who is too blame and what lessons can be learnt? It questioned representatives from ACCA and the ICAEW, two eminent professors, as well as City regulator the Financial Services Authority and auditors.
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