The ICAEW's Financial Services Faculty has issued a short document which outlines stakeholder feedback on bank audits and the particular lessons for bank auditors from the financial crisis.

This work forms part of their research into the audits of banks following the ICAEW's appearance at the UK Parliament Treasury Committee earlier in the year.

While auditors were felt to be highly skilled, there were concerns over the audit report itself, which was felt to be little better than a compliance statement. While this might seem contradictory, it perhaps reflects the increasing complexity of financial reports, especially those of banks.

And although stakeholders didn't particularly want audit reports to be modified to increase their scope to, say, the whole of the front half of the accounts, there was a recognition that more information about risks would be helpful to investors and regulators.

A fuller report is expected from the ICAEW in May.

(HT WAI_News although their tweet doesn't report the ICAEW's report accurately, in my view)

People who read this post also read:

• Chuka Umunna is an idiot
• ICAEW report into lessons to be learned from the financial crisis
• New ACCA paper on risk and reward
• Murphy on credit cards
• The ICAEW annual review and AGM 2011

Filed under: Auditing, Institutes, Politics with tags banks, financial services faculty, icaew, risk reporting, treasury committee