Recent events among certain banks that have had material financial consequences have caused us to question the usefulness of these attestations. In certain instances, we have been asking external accountants for their FDICIA 112 work papers for banking organizations that we have found to have  BIS Review 29/2002  3  had significant control weaknesses.
We are looking into that work to formulate some views on whether this area needs improvements and what actions might be most effective. In conclusion, the past decade of consolidation and financial innovation has placed increasing pressure on the accounting and internal control systems of banks and corporations, revealing pockets of weaknesses.