PracticeAuditLabour accused of not disclosing loans

Labour accused of not disclosing loans

Party accused of not disclosing loans in 2004 accounts as a post-balance sheet event

The Labour party did not tell its own
auditors about £12m in loans from donors, reports have alleged.

Auditors Horwarth Clark
Whitehill
signed off the party’s 2004 accounts in June 2005, not knowing
that Labour had taken millions of pounds in loans the month before.

The loans should have been disclosed as material post-balance sheet events,
the
Independent
on Sunday
reported, quoting senior figures in the party.

Scotland Yard is said to have broadened its investigation into the alleged
sale of honours into false accounting charges.

A Labour party spokesman said: ‘The Labour party accounts have been properly
prepared, professionally audited and published as required by law, and we have
nothing further to add.’

Horwarth Clark Whitehill refused to comment, citing client confidentiality.

Further Reading

Cash
for honours: Labour hid millions from auditors

Labour false accounting
charges reach Scotland Yard

Senior KPMG man named as
Midlands Tory party donor

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