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.
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