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Shareholder group takes bank audit fight to Europe

The voting advisory firm Pirc wants European Commissioner Michel Barnier to take a second look at 'catastrophically defective' accounting standards that it claims allowed banks to hide bad loans

Pirc, the shareholder voting adviser, has asked the European markets Commissioner Michel Barnier to review company accounting standards, broadening the backlash against auditors' role in the financial crisis.

Auditors and the International Financial Reporting Standards they favour have come under scattered but well-targeted fire from some UK politicians and governance experts in recent months. A House of Lords committee produced a damning report in March.

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