The chancellor set up the internal Treasury review, which is expected to focus on the relationship between auditors and their clients, shortly after returning to work.
The news came after it emerged yesterday that the European arm of Enron could owe ‘billions’ to creditors, raising concerns that the London and continental operations of the energy giant could have used similar accounting techniques as those in the US.
ICAEW president Michael Groom said at today’s meeting of the institute’s council that it would be seeking to co-operate fully with the review.
The Treasury Select Committee also announced yesterday it would be investigating the system of UK financial regulation.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements