Obviously, regulators and accounting standard setting organizations should be concerned that this could occur.

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He should at least step down until the performance of KPMG in the audit of HBOS, and accounting standard setting, has been properly and independently investigated.

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While the study suggests that confidence in the standards will improve with familiarity, as investors and analysts educate themselves the debate will move to the standard-setting process as well as the governance of the International Accounting Standards Board.

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