Yesterday, the Telegraph reported that KPMG has delayed signing off West Bromwich’s imminent 2008 reports due to difficulties in the accounts.
The newspaper said KPMG was believed to have been in talks with the FSA after it decided that there were concerns regarding the building society’s balance sheet strength.
But West Brom has refuted the reports. The accounts were initially expected this week, but it says the account timetable is continuing on a new schedule due to the appointment of a new finance director, and the results will be released in mid-June.
A spokesman says: “The timetable has been set by our new finance director, Jonathan Westhoff, who joined the society on May 5, after our year-end.”
“The audit is ongoing and there will be no conclusions until it has been completed, and once KPMG has met with West Bromwich’s directors.