British watchdog clears KPMG of any wrongdoing in HBOS audit

KPMG has been cleared by the British accounting watchdog over its auditing of HBOS in the run-up to the lender’s near collapse in the 2008 financial crisis.

KPMG has been cleared by the British accounting watchdog over its auditing of HBOS in the run-up to the lender’s near collapse in the 2008 financial crisis.

Britain’s Financial Reporting Council (FRC) said it had closed the investigation into KPMG’s handling of HBOS’s accounts, concluding that KPMG’s work did not fall short of standards.