Junior trade minister Melanie Johnson claimed that ‘major differences between the accounting requirements in the UK and the US make it unlikely that the principal accounting factors we understand to have been involved in the collapse of Enron would be replicated here’.
Replying to a formal question in the Commons from Tory Eastbourne MP Nigel Waterson she added: ‘We are, however, following the developments in the US’.
Johnson said: ‘The UK Accounting Standards Board has been playing a leading role for some time in international discussions of accounting requirements in this area.’
Meanwhile energy minister Brian Wilson refused to say when British ministers were informed there were problems at Enron in reply to another question from Plaid Cymru MP Adam Price.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester