The Treasury Committee publishes correspondence between Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, and Stephen Haddrill, Chief Executive of the Financial Reporting Council (FRC) concerning the FRC’s preliminary enquiries in to the auditing of HBOS.
Commenting on the correspondence, Mr Tyrie said:
"The FRC’s decision to publish a report is overdue, but welcome. The HBOS report exposed the staggeringly poor quality of HBOS’ loan book. The role of the auditors – for years left unexamined - will now be subject to a measure of public scrutiny. And not before time.
The Treasury Committee has done what it can to ensure the public obtains the explanation it deserves. The Committee will persist with its effort to secure a thorough examination of the role of the auditors.
The Committee will be watching the FRC’s work closely."