Lords to condemn Big Four's role in financial crisis

This week the House of Lords Economic Affairs Committee is expected to publish a damning report on the sector, entitled Auditors: market concentration and their role. It will raise serious questions about why the auditors gave leading banks clean bills of health months before the sector collapsed, the Telegraph reports. The report will also say there is a lack of competition in the industry, with only 0.01% of auditing fees for FTSE 100 firms going to auditors outside the so called 'Big Four' accountancy firms. Northern Rock, RBS, Lloyds Banking Group and a number of building socie...