Furthermore, in appropriate circumstances, we may need to refer the auditor to the PCAOB or subject the auditor to sanctions under the agencies' debarment regulations if the bank is subject to FDICIA 112. A secondary cause of the audit failures was lax professional standards. Examples in the banking area are the professional standards for attestation engagements.
Fortunately, the bulk of the losses were met by overseas reinsurers as per the reinsurance arrangements with the local insurers. This resulted in the overseas reinsurers not wishing to reinstate the catastrophe covers for Fiji. Consequently, a special trip was made to London to plead with the London reinsurers to reinstate catastrophic covers and insurance underwriting for Fiji.