The National Australia Bank has uncovered accounting errors worth more than $10 billion in its 2005 annual report and has said it can’t guarantee it won’t uncover further similar mistakes. The latest issue described by NAB as “classification errors” comes at time when it is undergoing a restructure in the wake of the recent trading scandal. NAB said it overstated the level of lending to the real estate construction sector by $4.1 billion and reported $6.2 billion of overdrafts in error.
