Reuters reports that Spain’s audit watchdog ICAC, which is attached to Spain’s Economy Ministry, has launched a review of Deloitte’s work at bailed-out Bankia before its 2011 flotation.

Hundreds of thousands of Spaniards who bought shares lost money after Bankia, created by merging seven savings banks, was bailed out a year after its stock market listing, crippled by bad property deals.

Deloitte said the review – which will examine its audit work on the bank’s finances from the end of March and the end of June 2011, the quarters which preceded its share listing – was centred on technical formalities and was a routine procedure.

It said the audited accounts of Bankia were not being called into question adding:
"Deloitte trusts that the proceeding will be dismissed."

Deloitte said the review could take about a year.

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