Former City minister to face Lords audit inquiry

FORMER financial servicers secretary Lord Paul Myners is to appear before a Lords committee to answer question on audit and its role in the banking crisis.

The Lords economic affairs committee announced today that Lord Myners would be questioned on Tuesday next week. The peer played a key role during the crisis and in 2009 faced criticism from the Commons Treasury committee accusing him of failing to police banking bonuses properly.

He was City minister from October 2008 to May 2010.

The Lords committee will also hear from Steve Cooper of the International Accounting Standards Board who will be questioned on the role of standards in the crisis alongside roger Marchal of the UK Accounting Standards Board and academic Prof David Myddelton.

Observers believe the committee has become hostile to international standards after hearing from academics earlier in the inquiry.


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