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Company Audits

Volume 169: debated on Tuesday 13 March 1990

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To ask the Secretary of State for Trade and Industry if he will introduce procedures under which his Department will monitor the audit qualification appearing in the accounts of large companies with a view to taking early action to deal with the reasons for such qualifications.

No. My Department will, however, continue to respond to specific complaints about non-compliance with statutory requirements relating to company accounts. In addition, the review panel to be established under the new Financial Reporting Council will consider instances of material departures by large companies from accounting standards.