MPs focus on auditing in company law inquiry
The Commons Trade and Industry Committee has launched their own inquiry into the Government's White Paper on Modernising Company Law.
Link: Read our company law report
MPs have sent out a questionnaire of all the main issues they want to cover, including the minimum requirements needed to secure objectivity among auditors.
The committee asked: ‘Should company law require the circulation of auditors or the prohibition of non-audit work, or should these be left to self-regulation by the accountancy profession?’
They also want to know what the sanctions should be for breaches of accountancy standards and the extent to which the duties of directors should be spelt out in statute.
The committee intends to cross-examine witnesses on Tuesday 29 and Thursday 31 October and are calling for written submissions by 5pm on Thursday 24 October.