Bank audits improving too slowly and auditors too defensive, say PRA supervisors

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Concern over a lack of frankness in discussions with bank auditors and Prudential Regulation Authority (PRA)  supervisors, as well as the slow pace with which bank audits are improving, has triggered a call for a law change to require auditors to provide written reports, along with suggestions for punitive measures where auditors' commercial considerations take precedence over statutory requirements, reports Penny Sukhraj

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