Who Audits the Auditors?

[Fittster]

Well my pension is getting wiped out and my job security is shot to hell but this is the most entertaining show in town, from drama to comedy:

The watchdog which monitors national and local government spending has admitted it has £10m tied up in Iceland's troubled banks.

The Audit Commission seeks to ensure that £180bn of public sector spending provides "value for taxpayers".

It said it deposited £5m in Landsbanki in April this year - and a further £5m in July in Iceland's Heritable Bank.

The commission said the deposits were in "full compliance" with their guidelines "on prudent investment".



http://news.bbc.co.uk/1/hi/uk_politics/7673248.stm

[MikeyT]

Well, if the precarious state of Iceland's banks was documented ON HERE as far back as the spring, albeit by those 'in the know' then there really IS no excuse for these people having their heads in the sand ...

Gross negligence they call it don't they?