Mr. John Moynihan:

The auditor is giving a view not so much on the health of the entity but on the truth and fairness of the financial statements. In the case of a bank, the auditor is not looking at the entire financial system; he or she is primarily looking at the bank being audited. These banks are all interlinked like a house of cards and it is difficult for the auditor of one of those cards to state that the card is going to go.