U.K. Accountants Must Improve Bank Audits, FSA Says
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The Financial Services Authority said bank auditors must pay more attention to possible management bias in the banking industry after accounting firms failed to uncover problems before the financial crisis.
The regulator is examining ways to improve cooperation between banks, auditors and supervisors as part of a joint study with the U.K.’s accounting regulator, the Financial Reporting Council, the groups said in a joint statement today.