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UK FRC closes its investigation into KPMG’s audit of HBOS

The UK Financial Reporting Council (FRC) has announced the closure of its investigation into the conduct of KPMG’s audit of HBOS for the year ending 31 December 2007 on the conclusion that there is no realistic prospect of a finding against KPMG.

The Executive Counsel to the FRC stated following an investigation that it is unrealistic that a Tribunal would make an adverse finding against KPMG in respect of the matter. “The firm’s work did not fall significantly short of the standards reasonably to be expected of the audit, the test that a Tribunal would apply,” the UK FRC said.

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