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  • Auditing Power Point

    Transféré par

    Saadia Khan
    5 vues5 pages
    Northern Rock was one of the top five UK banks that securitized too many mortgages, leading to a bank run. An investigation found that PwC's non-auditing fees from Northern Rock were significantly higher than their auditing fees, representing a conflict of interest, and the Financial Services Authority failed to provide adequate oversight and monitoring of Northern Rock due to lack of resources and engagement. Solutions proposed include limiting non-auditing fees for auditors, stronger corporate governance, emphasizing risk management, and stronger monitoring by the FSA.

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    Northern Rock was one of the top five UK banks that securitized too many mortgages, leading to a bank run. An investigation found that PwC's non-auditing fees from Northern Rock were significantly higher than their auditing fees, representing a conflict of interest, and the Financial Services Authority failed to provide adequate oversight and monitoring of Northern Rock due to lack of resources and engagement. Solutions proposed include limiting non-auditing fees for auditors, stronger corporate governance, emphasizing risk management, and stronger monitoring by the FSA.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PPTX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    5 vues5 pages

    Auditing Power Point

    Transféré par

    Saadia Khan
    Northern Rock was one of the top five UK banks that securitized too many mortgages, leading to a bank run. An investigation found that PwC's non-auditing fees from Northern Rock were significantly higher than their auditing fees, representing a conflict of interest, and the Financial Services Authority failed to provide adequate oversight and monitoring of Northern Rock due to lack of resources and engagement. Solutions proposed include limiting non-auditing fees for auditors, stronger corporate governance, emphasizing risk management, and stronger monitoring by the FSA.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PPTX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 5

    NORTHERN ROCK

    AUDITING FALIURE

    3/11/12

    Background

    One of the top five banks Securitised mortages Too many loans Bank run PWC FSA
    3/11/12

    Pwc

    Non-auditing fees significantly higher than auditing fees Conflict of interest Violation of auditing codes Compliant Audits Under attack from MPs

    3/11/12

    FSA

    4 Failings:

    Lack of supervisory engagement Lack of adequate oversight by FSA Inadequate resources Lack of intensity of FSA

    Outlier
    3/11/12

    Solutions to prevent reoccurrence


    Limited non-auditing fees Stronger corporate governance RMP pursue of risk Stronger and more emphasizing monitoring by FSA

    3/11/12

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