Editor's comment: toothless audit regulator

Sara White, editor of Accountancy, discusses the Financial Reporting Council's (FRC) approach to enforcement and sanctions on the back of the regulator dropping its investigation into KPMG's HBOS audit

Only a decade after the collapse of Northern Rock and subsequent implosion of Halifax Bank of Scotland, the audit regulator has finally made a decision on whether to go ahead with an investigation into the auditors behind HBOS.