The independent audit regulator has announced it might launch an investigation of KPMG over its accounting role at HBOS in the run-up to the bank's failure.
The Financial Reporting Council (FRC) said it will consider the probe in the wake of a damning report on the bank's collapse and taxpayer bailout.
A spokeswoman for the body said: "The FRC will consider the Parliamentary Commission and FSA reports to identify whether there is a case for an investigation under our powers."
KPMG believes its auditing of HBOS was sufficient and told Sky News: "We stand by the quality of our audit work at HBOS."
The news of a possible investigation of KPMG comes after the FBI launched an investigation into alleged insider trading involving one of its partners in the US. The two inquiries are not connected.
Meanwhile, pressure continues to mount on two members of the 'HBOS Three', after former chief executive Sir James Crosby decided to give up his knighthood and a portion of his £580,000 pension.
Ex-chairman Lord Stevenson and Andy Hornby were also urged to offer sacrifices by members of a Parliamentary commission in the wake of the critical report on the bank collapse and £20.5bn bailout.
According to the Financial Times, Downing Street has said it was now a "matter for their consciences and judgment".
Mr Hornby, who was in charge at the time of the taxpayer-bailout remains CEO of gambling firm Gala Coral, which is owned by three private equity firms.
The 'HBOS Three' - Lord Stevenson, Sir James Crosby and Andy Hornby (l-r) The three former bosses who ran HBOS in the run-up to its dramatic collapse were found to be ultimately to blame for "catastrophic failures of management", according to the commission's report.
The men's "toxic" misjudgments were blamed for the bank's downfall at the height of the financial crisis.
Lord Stevenson has come under heavy fire, having infuriated the commission by claiming reckless lending at HBOS was not his fault because he was "only there part time".
The commission said it was wrong that Peter Cummings was the only former HBOS director to have been penalised by the FSA, after being fined £500,000 and banned for life from working in the City last September.
It called on the new City regulator to consider barring Sir James, Mr Hornby and Lord Stevenson from taking up any role in the financial sector.
Sir James said the report made for "very chastening reading", and wanted to give up £174,000 - a total of 30% - of his pension.
Sky News City Editor Mark Kleinman revealed on Wednesday night that Sir James had stepped down as non-executive director of catering firm Compass Group.
The former bank boss still holds his knighthood as he cannot himself renounce the title, which was given to him after leaving HBOS in 2006.
Sir James, who stepped down from his role with private equity firm Bridgepoint last Friday, said he was "deeply sorry" for what happened at HBOS and the "ensuing consequences" for the bailed-out bank's staff, shareholders and taxpayers.
For his knighthood to be withdrawn, the Honours Forfeiture Committee has to make a recommendation to the Prime Minister, who then passes it on to the Queen for a decision.
He said he was also standing down from his voluntary position as a trustee of Cancer Research UK with "great personal sadness", but is expected to remain chairman of car credit company Money Barn.
Sir James was chief executive of HBOS from 2001 to 2006 and former deputy chairman of the now-defunct City watchdog, the Financial Services Authority.
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