Lords kick-off audit review tomorrow

Lord MacGregor

The House of Lords will tomorrow begin its inquiry into audit during the
financial crisis, and the concentration of the audit market in the UK.

The economic affairs committee will begin with evidence from academics
including Prof Michael Power of the London School of Economics and Prof Stella
Fearnley of Bournemouth University.

In written submissions the committee has already received some strident
views. Grant Thornton wrote to the committee urging a cap be placed on the
number of big audit contracts any one firm could hold.

Mazars has called for dual audits while John Griffith Jones, the head of
KPMG, has called for better communications between auditors and regulators
through the use of a new code of conduct.

The committee is chaired by Lord MacGregor, former agriculture secretary and
chief secretary to the Treasury in Margaret Thatcher’s government. Other members
of the committee include Lord Lawson, former chancellor of the exchequer under

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