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

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

6d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

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

2w 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

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

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

4w 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