{"id":19868,"date":"2013-03-28T08:48:41","date_gmt":"2013-03-28T08:48:41","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=19868"},"modified":"2013-03-28T08:48:41","modified_gmt":"2013-03-28T08:48:41","slug":"why-is-the-bank-of-england-ignoring-the-negligence-of-the-auditors-whore-signing-off-accounts-that-understate-losses-by-50-billion","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/28\/why-is-the-bank-of-england-ignoring-the-negligence-of-the-auditors-whore-signing-off-accounts-that-understate-losses-by-50-billion\/","title":{"rendered":"Why is the Bank of England ignoring the negligence of the auditors who&#8217;re signing off accounts that understate losses by \u00c2\u00a350 billion?"},"content":{"rendered":"<p>The Bank of England<a href=\"http:\/\/www.bankofengland.co.uk\/publications\/Pages\/news\/2013\/013.aspx\" target=\"_blank\">\u00a0issued a statement yesterday <\/a>saying that the UK's major banks and building societies are currently underestimating their losses by \u00a350 billion.<\/p>\n<p>I think that's true.<\/p>\n<p>But why didn't they say as a result that the accounts of the\u00a0banks\u00a0in question are\u00a0not true\u00a0and fair?<\/p>\n<p>Or that they\u00a0cannot\u00a0have been\u00a0properly\u00a0audited as a result?<\/p>\n<p>And that this crisis is in no small part\u00a0the\u00a0fault of the Big 4 auditors who signed those accounts off and who in very large part helped set the rules\u00a0under\u00a0which those accounts were prepared that were written by the International Accounting Standards Board, of which\u00a0they\u00a0are major funders?<\/p>\n<p>Why is it that when auditors have so very obviously failed completely and utterly in their duty we just turn a blind eye?<\/p>\n<p>Or appoint them to chair\u00a0H M Revenue &amp; Customs?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of England\u00a0issued a statement yesterday saying that the UK&#8217;s major banks and building societies are currently underestimating their losses by \u00a350 billion. I<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/28\/why-is-the-bank-of-england-ignoring-the-negligence-of-the-auditors-whore-signing-off-accounts-that-understate-losses-by-50-billion\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81,101],"tags":[],"class_list":["post-19868","post","type-post","status-publish","format-standard","hentry","category-auditing","category-big-4"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=19868"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19868\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=19868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=19868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=19868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}