How could the FRC have decided KPMG were in the clear when the issues were known at the time?
Well, possibly, because the issued were known at the time.
With the credit crunch in full swing, a meeting of investment chiefs and senior accounting professionals at the offices of Schroders two weeks before Christmas 2007 heard how the FRC was “fully aware that there might be ‘going concern’ problems” at UK banks.
Yes, and everyone trooped off to the Bank of England and asked, well, if there are such problems, will you support the banks?
So, the accounts were signed off.
This really isn’t difficult Ritchie, it’s really not hard.