The Big 4 accountants make millions clearing up the mess they should have spotted in the first place

Posted on

As Sky has reported today:

The 'big four' accounting firms are set to reap fees running into millions of pounds for supervising the clean-up of the latest bank mis-selling scandal.

I understand that HSBC has hired Deloitte and Barclays has appointed KPMG to act as the independent reviewers of their sales of interest rate swaps to small business customers.

Hang on a minute? Who audited all these banks? Deloitte, KPMG and PWC, between them.

And who as auditors should have spotted mis-selling and LIBOR rigging, let alone the fact these banks were bust in 2007? Could it be Deloitte, KPG and PWC by any chance?

But who gets on the gravey train to sort out the mess? You guessed it.....

So it's heads you win and tails you win for the Big 4.

Time they were ruled unfit to audit banks instead, I say. After all, the evidence that this is true is plain for all to see.

Hat tip: Raj Thamotheram