In other parts of the world, large accounting firms took heat for giving clean audit opinions to banks that were floundering or dying. In Spain, though …
MADRID (Reuters) – Spain has picked the ‘Big Four’ accounting firms KPMG, PwC, Deloitte and Ernst & Young to carry a full, individual audit of its ailing banks, a source with knowledge of the decision told Reuters on Saturday. The review, which should take a few months, will complement an ongoing exercise to stress test Spains banking sector by consultors Oliver Wyman and Roland Berger, whose first results are expected around mid-June. ‘I can confirm (the names),’ the source said.
Mr. Toyer said that the source did not specify from which country the auditors would come. ABC.es reports that the audit reports are due by July 31.
I wonder if the eventual reports to the Spanish government will differ from previously issued audit opinions.
Debit and credit – – David Albrecht