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Company Accounts (Audit)

Volume 648: debated on Thursday 9 November 1961

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asked the President of the Board of Trade on what criteria he bases his decision under Section 161 (b)of the Companies Act, 1948, as to adequate knowledge and experience in the course of employment with a member of a body of accountants recognised for the purpose under Section 161 (a) of the Act.

It is important that the standard of audit of company accounts should remain high. In reaching a decision in these cases I must therefore take into account such matters as the length of service with a member of a recognised body of accountants, the nature of the experience gained and the position held during that service, the references furnished by the past employers and the results achieved in any professional examination which may have been taken.