PracticeAuditTory questions PFI transparency

Tory questions PFI transparency

Conservative MP and member of the Public Accounts Committee, Richard Bacon, has called for the National Audit Office to launch an investigation into the transparency of private finance initiative projects.

Link: Treasury defends PFI from Tory attack

Bacon cited criticisms by unions and rating agency Standard & Poor’s that recent bond issues were leading to ‘diminishing levels of transparency’.

The criticism follows the sale of over £1bn of PFI bonds by Metronet consortium in order to fund its takeover of part of the London Underground. Investors are now questioning the quality of such bonds and want to see less complex deal structures, according to the FT.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

3d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter