In a blistering attack Liberal Democrats claimed the UK risked being left behind by the US which this week saw the passing of the so called Sarbanes Bill which brings in a raft of tough new measures.
Vincent Cable, the LibDem shadow trade secretary, railed against measures in the Company Law Review White Paper, which includes proposals for a new two-year prison sentence for directors who lie to their auditors.
Cable said: ‘The government has taken the view that Britain has more rigorous standards than the US, but with the Sarbanes Bill sweeping unopposed through the Senate there is a great danger that Britain will be left behind.’
Cable said he believed the ‘bold steps’ required to bolster the accountancy and auditing profession in the UK would mean ‘the government standing up to the vested interests in the big accounting firms.’
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned