Business secretary Greg Clark has launched an independent review of the role of accounting watchdog Financial Reporting Council, over concerns that it “lacks teeth”.

The Financial Reporting Council faces a government-backed independent inquiry into its operations, as revealed during the Carillion investigation.

Accountancy’s watchdog tells Treasury Select Committee it should have been more proactive in delving into KPMG’s audit work of HBOS—but lessons have been learned.

Investigation into audit of HBOS by Big Four audit firm KPMG is closed after regulator finds KPMG’s work “did not fall significantly short” of expected standards.

UK’s Financial Reporting Council to investigate auditors KPMG over “going concern” assumption at HBOS.