§ Mr. Stephen O'BrienTo ask the Secretary of State for Trade and Industry what discussions she has had with(a) UK firms and (b) representatives of the accountancy profession about the relative merits of introducing a cap on auditors' liabilities in litigation; and if she will publish the minutes of such meetings. [140946]
§ Ms HewittOver the past six months, my right hon. Friend the Minister for Industry and the Regions and I have received some 20 letters principally about auditor liability, from auditors, preparers of accounts and users of accounts.
Two senior businessmen have raised the matter with me, but I have not had any significant discussions with audit firms or accountancy bodies. The issue has twice been raised in meetings attended by my right hon. Friend, once by the President of the Institute of Chartered Accountants in England and Wales and once by KPMG and PricewaterhouseCoopers. My officials have also discussed the issue with auditors, preparers of accounts, users of accounts, academics and regulators.
I do not propose to publish the minutes of individual meetings. I will, however, be consulting on the issue shortly.