PracticeAuditMPs demand ‘higher accounting standards’ for banks

MPs demand 'higher accounting standards' for banks

Profession under attack from MPs demanding changes to bank accounting

MPs have demanded ‘higher standards’ of accounting for banks as part of the
government’s multi-billion pound rescue package.

Harry Cohen, a Labour backbencher, CIPFA member and former public sector
accountant, tabled a motion in the House of Commons yesterday calling for a
crackdown and that ‘proper accounting and transparency must apply to all banks
and financial institutions’.

The MP said an improvement must apply whether were taking advantage of the
government’s bail or not and his motion insisted that all banks ‘must
nevertheless be required to comply with higher standards of accounting and
transparency of their activities overall.’

The motion was co-signed by Lib Dem MPs Andrew George and Bob Russell and
follows remarks in the House of Commons on Monday by former Labour minister
Michael Meacher protesting over ‘dodgy auditing’ in the banking sector.

The attacks follow earlier criticism from Lib Dem shadow chancellor Vince
Cable after Northern rock was nationalised and sees politicians stepping up the
pressure on the profession and its practices.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

24h Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter