THE HOUSE of Lords Economic Affairs Committee will meet tomorrow to discuss publishing the government response to their recent audit inquiry.
The committee’s report, Auditors: Market concentration and their role, was released on 30 March and concluded the industry was at risk of Big Four domination. It called on the Office of Fair Trading to launch an investigation.
It also questioned International Financial Reporting Standards, saying there was evidence the global standards made banks less prudent, contributing to the credit crisis.
The relevant government department – in this case Business, Innovation and Skills – normally drafts a response to such inquiries, and the committee will tomorrow decide whether to made any such document public. A spokesman said were the response to be released, it would most likely be in its entirety.
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