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The Financial Reporting Council’s (FRC) Conduct Committee has reviewed the full report from the PRA and FCA into the failure of HBOS plc. and has asked the FRC’s Executive Counsel to undertake preliminary enquiries under the Accountancy Scheme, the disciplinary scheme for Members and Member Firms of the accounting profession where matters involve important issues affecting the public interest in the UK.
These will focus on the extent to which KPMG Audit plc (KPMG), during the course of their audit:
considered the appropriateness of management’s use of the going concern assumption in the preparation of the financial statements for the year ended 31 December 2007, and
considered whether there were material uncertainties about the entity’s ability to continue as a going concern that HBOS needed to disclose in the financial statements.