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In Independent Audits, Consultants Can Walk a Fine Line with Banks
By Colby Adams
printTwo recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for? In an Aug. 6 order that led to a $340 million settlement with Standard Chartered Bank (SCB) Tuesday, the New York State Department of Financial Services (NYSDFS) faulted New York-based Deloitte & Touche LLP for allegedly omitting "critical information" in a 2009 audit conducted for the London-based institution. The allegations follow leaked U.S. diplomatic cables and a June report by Global Witness purporting that Kroll Inc. gave a "cautiously positive" assessment of Kyrgyzstan-based...
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