HBOS, KPMG & FRC: a trio mired in scandal

How much credence can shareholders of public companies safely attach to financial statements that carry a “true and fair” imprimatur from their auditors? Big-4 firms hold the lion’s share of public company audit appointments, yet they are regularly found to have issued “clean” reports on accounts that grossly misrepresent the results and financial position of client companies, causing severe damage to shareholders’ interests.