External auditors, thus play a very important role in this game because their primary role is to test and certify, based on internationally-accepted accounting standards, that the financial statements of the entities are accurate – that is, it is a “true and fair view” of the institution’s financial position for the period in which such statements are prepared.
Two remaining challenges loom large: ensuring that all systemic financial firms have sufficient unsecured long-term debt at the parent level to recapitalize a bridge holding company in OLA; and mitigating cross-border impediments to resolution of a multinational financial firm.