KPMG could face inquiry over HBOS

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Accountancy giant KPMG is facing a potential investigation over the audit work that gave HBOS a clean bill of health in the run-up to its collapse.

The Financial Reporting Council confirmed it would consider launching an investigation of KPMG’s role following last week’s damning Parliamentary Commission report on HBOS and once the Financial Conduct Authority presents its findings on the bank’s failure in the autumn.

KPMG, which audited HBOS’s accounts throughout the years leading up to the financial crisis, said: “We stand by the quality of our audit work at HBOS.”