RegulationAccounting StandardsLib Dems to hold talks with ICAEW on expenses audit

Lib Dems to hold talks with ICAEW on expenses audit

Political party mulling the idea of the Institute of Chartered Accountants in England and Wales going over its members' expenses with a fine-tooth comb

The Liberal Democrats are gearing up to talk to the ICAEW about an audit of
their expenses after moves to put MPs spending under the spotlight were shot
down last week.

The institute is set to meet with the party’s Chief Whip in the next few
weeks to discuss the issue, an ICAEW spokesman said.

MPs of the political party are thinking about having their receipts studied
by the ICAEW in regular spotchecks under the proposals, which have been floated
to help restore the public’s confidence in the expenses system after a
number
of scandals
.

The institute may also help the Lib Dems consider how to introduce other
reforms, such as a ban on using taxpayers’ money to buy furniture,
the
FT reported
.

The job would be the latest in a string of high profile government
engagements if the ICAEW come to terms with the Lib Dems. The institute is also
helping the Treasury search for an adviser to value Northern Rock. The institute
was also the venue for the Conservative’s high profile launch of its ambitious
fiscal reform study ‘Making Taxes Simpler.’

‘ [The ICAEW] is happy to work with any political party,’ the spokesman
added.

Further reading:

Howe
unveils tax overhaul plans at ICAEW

Izza
wins tough Northern Rock job

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