July 19, 2011 / 2:19 PM / 9 years ago

Audit watchdog eyes banks' sovereign debt

LONDON, Jul (Reuters) - Britain’s banks will be scrutinised to see if they are making full accounting disclosures on exposures to the euro zone’s sovereign debt crisis, the country’s auditing watchdog said on Tuesday.

“In reporting to shareholders, companies must follow the accounting standards and make full disclosure in the notes to the accounts of their approach,” Stephen Haddrill, chief executive of the Financial Reporting Council said in an emailed response to a question on the sovereign debt crisis from Reuters.

“We will be paying close attention to how banks report through the work of the Financial Reporting Review Panel and the Audit Inspection Unit,” Haddrill said.

Reporting by Huw Jones

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