PracticeAuditLib Dems join call for financial reports

Lib Dems join call for financial reports

The Liberal Democrats have called for firms to publish their own annual reports, following the fallout from the Enron affair and just a day after Accountancy Age called for the same action in its first-ever manifesto for the profession

Matthew Taylor, the Lib Dem’s Treasury spokesman, said full publication would allow the public to see the extent of donations made by the larger accountancy firms to political parties.

The Lib Dem MP argued that the firms, with the exception of KPMG and Ernst & Young, were able to hide behind a veil of secrecy and avoid declaring donations made to political parties.

Believing Labour had been ‘niaive’ in opposition by accepting offers of help from Andersen, Taylor said the events in the US over Enron had thrown the spotlight on the secrecy of the firms, including Andersen.

Accountancy Age has called for the publication of financial information by all the accountancy firms as part of its manifesto for the profession.

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