Professor Eamonn Walsh:

This is a matter that has been extensively studied by the UK Government. The same question was expressed there. How could there have been a bank with a clean audit opinion one day and then, a day later, be in public ownership? There has been a certain amount of thoughtful work by the UK Government on the issue of going concern.

My recollection of its conclusions is that it said the definition of going concern used by auditors and within the accountancy profession and in case law is probably too restrictive to reflect what the man in the Clapham omnibus would consider to be going concern, namely, if the bank closes down today after getting a clean audit opinion yesterday, there is something wrong with the audit opinion.