From a more systemic perspective, the risks to the banking sector at this stage appear to be limited, as unsecured lending (which includes traditional forms of unsecured lending such as overdrafts, credit cards and loans to SME’s), at around 8 per cent, is a relatively small proportion of total lending although this ratio has been rising.
And I must confess that here I am not making a distinction between internal and external auditors; I am lumping them both in the same basket. Let me first state categorically, that I have every respect for the auditing profession and the professional manner in which most of its members conduct their work.