BusinessCompany NewsHewitt wants prison time for convicted directors

Hewitt wants prison time for convicted directors

Trade and industry secretary Patricia Hewitt has stepped up government rhetoric over dodgy financial dealings by companies, their accountants and auditors, by calling for stiff fines and prison sentences for directors guilty of fraud.

In the wake of the Enron and WorldCom financial scandals, Hewitt has already promised a review of audit regulations to ensure they could never happen in the UK but this weekend she went further.

Mrs Hewitt said: ‘What we have seen in America is a few individuals in a few companies, and one audit firm, behaving absolutely disgracefully and damaging people’s savings – not just in America.

‘More broadly, they have damaged people’s confidence in business as a whole.’She said that those directors found guilty of fraud should be prosecuted and punished with either fines or prison sentences.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor