The recent catalogue of crimes and misdemeanours perpetrated by banking institutions, aided and abetted by accounting rules on loan loss provisioning that overstated profits and understated losses have become a worrying trend. This highlights the problem of auditors lacking disciplines of robust probing and independent reporting. 

As for regulators, while they focus on compliance as if it equated to quality, they have missed the point of their role completely. 

There is also the astonishing spectacle of millions being paid in fines and penalties, not to the victims, but to the very regulators whose ineffectiveness contributed to the debacle.