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.
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