§ Mr. MitchellTo ask the Secretary of State for Trade and Industry if he will introduce legislation to impose a duty of care on auditors towards shareholders of audited companies. [127486]
§ Dr. HowellsThe extent to which auditors owe a duty of care to the shareholders of an audited company is as laid down by the courts. We will consider the need to change the position in the light of the final report from the Steering Group of the independent Company Law Review, expected next year. The consultation document458W issued by the Review in March 2000—'Modern Company Law—Developing the Framework'—addresses the issues surrounding the scope of the duty of care (paragraphs 5.146 to 5.155).