PracticeAuditMPs to grill auditors over crisis

MPs to grill auditors over crisis

Committee will question auditors over their role in the financial crisis later this month

The Commons Treasury Committee will cross-examine audit industry
representatives this month as part of an investigation into the banking crisis.

The 28 January hearing will question auditors about their role in the crisis
and whether reform of the auditing industry is needed.

MPs on the influential committee will also question CBI boss Richard Lambert
as well as representatives of hedge funds, other investors and the credit
reference agencies.

Lib Dem MP Lord Thurso said: ‘Auditors obviously play a crucial role in the
corporate governance of financial institutions. The clear lesson of the last 18
months is that the ability to create new financial instruments outpaced our
ability to understand and regulate them.

‘Auditors are best placed to help us understand the problems and potential
solutions.’

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