The audit failures I have been highlighting so regularly are given full exposure in the Financial Reporting Council’s (FRC) latest report on big firm audit quality in the UK. Adverse findings relate to the usual suspects: goodwill impairment, revenue recognition, IT controls and loan loss provisions.

Although quality (or lack of it) varies between the Big Four firms, the FRC concludes that, despite improvement in some areas, the standard of bank auditing continues to disappoint.