KPMG cleared by watchdog in HBOS audit investigation

FRC rules out wrongdoing by accountancy firm in reviewing bank’s accounts before financial crisisKPMG has been cleared of any wrongdoing over its auditing of HBOS, which was rescued by Lloyds during the height of the 2008 crisis, after accounting regulators concluded the accountancy firm could not have foreseen the bank’s problems.The accountancy regulator, the Financial Reporting Council (FRC), announced that it had closed an investigation into KPMG which was sparked by pressure fro