PracticeAuditLibDems claim jail time is not enough

LibDems claim jail time is not enough

The government has been told its efforts to shore up the integrity of auditing, following publication this week of the Company Law Review White Paper, are not enough.

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.’

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

3d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor