Skip to main content

Audit: Misconduct

Volume 507: debated on Tuesday 9 March 2010

To ask the Minister of State, Department for Business, Innovation and Skills what reports his Department has received of instances of malpractice by chartered accountants in company financial audits since January 2008. (321045)

The Department for Business, Innovation and Skills does not routinely receive reports of malpractice by chartered accountants in company financial audits. These issues are the responsibility of the Recognised Supervisory Bodies for auditors (“RSBs”), and in cases which raise important issues affecting the public interest, the Accountancy and Actuarial Discipline Board (“AADB”) of the Financial Reporting Council (“FRC”). The Professional Oversight Board of the FRC provides statistical information on complaints to the RSBs about statutory auditors, in its Annual Report to my Noble Friend the Secretary of State, which is presented to Parliament each year.

The RSBs are the Association of Chartered Certified Accountants; the Association of Authorised Public Accountants; the Institute of Chartered Accountants in England and Wales; The Institute of Chartered Accountants in Ireland; and the Institute of Chartered Accountants of Scotland.