Spence Clarke & Co. Chartered Accountants - Tax Consultants - Company Law

Spanish Bank Crisis - Were the Auditors Asleep on the Job?

Alistair Spence Clarke 23 May 2012

There is much in the news today about various firms of auditors being appointed to analyse the real bad debt situation that has caused the banking crisis. As a small scale Spanish auditor myself, I can't help think that something has gone seriously wrong in the audit profession in Spain and it amazes me that no one is pointing the finger at the big firms that have been responsible for the audit of the Spanish banks in recent years. Amazingly, it is the same firms that are now being appointed to carry out a new review of the bank's balance sheets.