This report sought to identify the actions that banks, auditors and other parties could take to strengthen the banking system without the need for legislative or regulatory changes.
Five years on from its publication this update looks at various initiatives since then which address the issues we highlighted. It summarises the most important legislative and regulatory changes that have taken place around bank audit. It also identifies potential areas for future work as part of an ongoing need for continuous improvement to maintain and enhance the quality and relevance of audit.
At the end of 2015 ICAEW asked a number of influential members and stakeholders for their reflections on what has changed since the financial crisis. This film highlights the progress they have observed since 2010 in bank reporting, auditing and engagement between auditors and regulatory supervisors as well as ongoing challenges.