Internal auditors next to give evidence in the Lords

INTERNAL auditors will take centre stage tomorrow when they appear before a House of Lords committee to give evidence on the role of auditors during the financial crisis.

The Lords are expected to probe the relationship between internal auditors and audit committees, on the one hand, and external auditors on the other. The current chief executive of the Institute of Internal Auditors, Dr Ian Peters, will appear as will Sarah Blackburn, a former president and current member of the institute.

Lord Sharmon, a former head of KPMG in the UK will also give evidence.

The inquiry has so far questioned the heads of the Big Four firms, regulators and experts from the mid-tier firms, as well as academics.

The committee is not only looking at the performance of bank auditors but the domination of the big company audit market by the Big Four firms.

At one stage, members of the Lords committee accused bank auditors of deceiving investors in the way that they dealt with audits as the crisis broke.

(Picture: Parliamentary copyright © 2010-2011)

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