Poyner Spruill LLP partner Joseph Smith recently authored an article in the Financial Times on the need for an increase in auditing firms involved in oversight of the financial industry. He uses his experience as the appointed monitor for five large court settlements involving major mortgage servicers. His role involved validating that the banks were granting relief to distressed borrowers and complying with conduct rules for handling distressed loans.
“Independent auditors are crucial to the operation of capital markets and to public trust in companies generally, so stifling competition and the benefits that come with it is a serious problem,” Smith wrote. The full article can be read at this link.
The Financial Times is one of the world’s leading news organizations, recognized internationally for its authority, integrity, and accuracy. It is a daily newspaper based in London with an emphasis on global business and economic news.
At Poyner Spruill, Smith’s practice focuses on providing legal advice to clients in the financial services industry on matters ranging from regulatory issues to FinTech opportunities to litigation settlement monitoring that impacts day-to-day operations. He returned to the firm after serving as the North Carolina Commissioner of Banks for nearly a decade.