City minister warns profession that it faces greater scrutiny
Banking crisis leaves questions unanswered about auditors' role, according to Lord Myners
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.
Further reading:
Lehman
smoking gun leaves E&Y facing questions
ACCA
announces international investigation of audit quality