As part of an ongoing inquiry, the committee was hearing submissions from accounting experts, major auditing firms and the credit rating agencies, in the U.K.
The key issues discussed were:
- the significant challenges faced by the banks in the difficult market conditions
- whether auditors will be in a position to sign off going concern opinions
- the need for auditors, banks and their regulators to work more closely, as was the case in previous years with regular meetings.
View the video footage of Brendan Nelson speaking at the House of Commons Treasury Select Committee. Brendan's piece starts at 50min 18sec. Alternatively, view the full transcript of the meeting.