Let me ask a question then that needs to be asked. Where were the auditors? It is true that auditors are not meant to detect and prevent all fraud. They are meant to identify material risk to the business. A potentially fraudulent business model, which is the nub of the HSBC accusations, is however well within the range of risks that I think any auditor should have identified.
Umm, what fraud? Are HSBC being prosecuted? No?
Then what fraud took place?
Yes, tax dodging took place, tax evasion even. But that’s not the same as fraud you see.
If you’re going to pronounce on the law you should try to get it right.