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19 Mar 2010
City minister Lord Myners has suggested that the accounting industry will come under more intense scrutiny as part of deconstructing the issues behind the banking crisis.
Lord Myners told the Future of Banking Commission yesterday that that "few" would say audit was delivering to its expectations, reported the Daily Telegraph.
He also criticised shareholders for failing to keep a closer eye on auditors' work.
Lord Myners called for a "cynical Scot" to be appointed to audit committees as part of keeping executives in check, as bank boards required stronger challenges from those who would not just accept conventional wisdom.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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Conveniently ignoring the failings of government...
Yet again, the government tries to blame someone else (who isn't very popular) to distract from its own failings. Speaking as a cynical Scot, could Lord Myners tell me what Gordon Brown was doing when he was in charge of this as chancellor, when money supply was going through the roof and wholesale money was flooding was the retail markets? Glass Steagall stopped this in the US and was enacted in 1933 and repealed in 1999 because London got an unfair advantage out of the practice. And when did the wheels come off the wagon - 2000 onwards. Did alarm bells not ring when they saw banks lending out at five times salary plus twice second earner (as one of the bust banks offered me)? To me, it seemed culpably reckless (another good Scots term - you wouldn't print the other term I had in mind), so why not with those supposed "in the know"?
Posted by: Winston Smith, 19 Mar 2010 | 00:00