The present industry-driven process clearly has not worked and a new oversight process is needed to ensure audit quality. Achieving sound accounting and disclosure practices in complex banking organizations Corporate boards and accounting officers need to shoulder their responsibilities too. Bankers have a unique perspective on this.
Bankers are heavy users of financial reporting information, whether they are making a business loan, underwriting a debt issue, or managing assets in a trust account. Thus, bankers should consider the perspectives of both preparer and user when supporting alternatives for accounting and disclosure. Banks are becoming complex organizations themselves.